SMBC Receives CCI Approval for Stake Acquisition in Yes Bank Ltd

Yes Bank Ltd has disclosed that Sumitomo Mitsui Banking Corporation (SMBC) has received approval from the Competition Commission of India (CCI) for the proposed acquisition of stake in the bank. The acquisition will be through a secondary stake purchase from the State Bank of India and seven other shareholders of the bank, including Axis Bank Limited, Bandhan Bank Limited, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, and Kotak Mahindra Bank Limited. The transaction is subject to customary conditions precedent as mentioned in the agreements.