Sumitomo Mitsui Financial Group (SMFG) is contemplating investing a further $1.1 billion in Indian lender Yes Bank, Bloomberg News reported Tuesday, citing people familiar with the matter.
Sumitomo Mitsui is looking to buy roughly 5% of Yes Bank shares from Carlyle Group (CG) and other minority shareholders, and could also acquire some $680 million in convertible bonds issued by the bank, the unnamed sources told the news outlet.
Sumitomo Mitsui, Carlyle, and Yes Bank didn't immediately respond to MT Newswires' requests for comment.
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