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Taking a major step, the State Bank of India (SBI) has completed an important deal with Sumitomo Mitsui Banking Corporation (SMBC), a major financial organization in Japan. Under this deal, SBI has sold its 13.18% stake in YES Bank to SMBC for Rs 8,889 crore.

How did the deal happen?

SBI has sold around 413.44 crore shares of YES Bank to SMBC. This sale has been done at Rs 21.50 per share. The deal was approved when the SMBC got necessary approval from the Reserve Bank of India and the Competition Commission of India (CCI). RBI has also allowed SMBC to appoint two directors in the board of YES Bank. The deal took place in May 2025 after the approval of the Executive Committee of the Central Board of SBI. After this, there were some conditions which have now been fulfilled, and the transfer of shares has been completely done.

SMBC's entry in India

The SMBC, which is one of the largest financial companies in Japan, is now registering its strong presence in the Indian banking sector. SMBC has made a deal of Rs 13,483 crore for 20% stake in YES Bank. Out of this, SBI has sold 13.18% stake out of its total 24% stake, giving it a huge amount of ₹ 8,889 crore. The remaining 6.81% shares other private bank HDFC, ICICI, Kotak Mahindra, Axis, IDFC First, Federal and Bandhan Bank together sold the SMBC for Rs 4,594 crore. This is considered to be the biggest banking deal of SMBC in India so far.

SMBC gets 24.99% stake approval

RBI has approved the SMBC to increase its stake in Yes Bank by 24.99%. According to ET reports, the SMBC can either buy the rest of the advent and in the new preferred shares to be issued by YES Bank.