SBI Sells 13.2% Stake in YES Bank to SMBC for ₹88.9 Billion

State Bank of India on Wednesday said it has sold a 13.19% stake in YES Bank Ltd. to Sumitomo Mitsui Banking Corp. for ₹88.9 billion. SBI offloaded 4.13 billion shares at ₹21.50 apiece, according to an exchange filing.

SBI  had been the largest shareholder in YES Bank since the Reconstruction Scheme of March 2020. As of June 30, the state-owned lender held a 23.96% stake, or 7.52 billion shares. After the divestment, its holding in YES Bank dropped to 10.8%.

The Reserve Bank of India had cleared SMBC’s proposal in August. 23 to acquire up to 24.99% in YES Bank.

SBI’s Chairman and Managing Director C.S. Setty said the partnership with SMBC marks the largest cross-border transaction in India’s banking sector, adding that the Japanese bank’s global expertise would complement YES Bank’s growth plans.