YES Bank Denies 'Road Map' Talks With RBI On Sumitomo Deal

YES Bank denied reports that it held ‘road map’ discussions with the Reserve Bank of India over Sumitomo Mitsui Banking Corp. acquiring a controlling stake.

The media report suggested that Sumitomo planned to apply for a wholly owned subsidiary licence and had already discussed the stake sale plan with RBI. It also said that State Bank of India and others may sell their remaining 14% stake once regulatory clearance is obtained.

YES Bank said it was not privy to any such discussions and termed the report factually incorrect.

Sumitomo had earlier signed an agreement on May 9 to acquire a 20% stake in YES Bank from SBI and private lenders.