This Japanese bank is going to bet $ 5 billion!
This Japanese bank is going to bet $ 5 billion! The stakes for the private sector Yes bank have intensified. Now a giant Japanese bank has also joined the race to control Yes Bank. Akihiro Fukutome, the chief of Japan's largest bank SMBC, is coming to india this week. He is coming to india for the first time. During this time, he can also make a big announcement about Yes Bank. During this, he will also meet officials of bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) and bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india (SBI).SMBC has set a valuation of $ 5 billionAkihiro Fukutome took over as the global CEO of Sumitomo Mitsui banking Corporation last year. Mint has quoted sources in its report that during the meeting with RBI and sbi officials, talks are also going to be held regarding Yes Bank. Sources claim that SMBC has put a valuation of $5 billion for 51 percent stake in Yes Bank. The Japanese bank has also asked for details from Yes Bank.SBI has 23.99 percent stake in Yes BankThe country's largest bank sbi has a 23.99 percent stake in Yes Bank. To save the sinking Yes bank, sbi bought 49 percent stake in it in the year 2020. Now sbi wants to sell its remaining stake as well. In July, RBI approved the sale of 51 percent stake in Yes Bank. This was a unique decision as RBI has imposed a limit of 26 percent on the promoter's stake in domestic banks.Mizuho bank of japan and NBD of uae also includedSMBC has appointed JP Morgan as financial advisor and J Sagar as legal advisor for this acquisition. These people have also suggested SMBC to discuss directly with the Reserve bank and SBI. Japan's Mizuho bank and UAE's NBD are also in the race to buy Yes Bank. Mizuho bank wants to buy 20 to 24 percent stake. Apart from sbi, hdfc bank, ICICI bank, kotak mahindra bank and lic are also big shareholders in Yes Bank.