Japan's Sumitomo Mitsui Banking Corporation (SUMFDS.UL) has received Indian central bank approval to buy up to 24.99% of India’s Yes Bank (YESB.NS), opens new tab, the Indian bank said in a stock exchange filing on Saturday. The Reserve Bank of India has also decided that SMBC would not be treated as a "promoter" of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said. In May, the banks informed exchanges that SBMC had inked a deal to take a 20% stake in Yes Bank for $1.6 billion, making it the largest cross-border merger and acquisition deal in India's financial sector. Sources familiar with the matter told Reuters last month that SMBC was seeking approval to buy an additional 4.9% stake in Yes Bank.
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