Japan's SMBC to take 20% stake in India's Yes Bank
MUMBAI/TOKYO (Reuters) -Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has signed a definitive agreement to take a 20% stake in Indian private lender Yes Bank, a deal that marks the largest cross-border merger and acquisition deal in India's financial sector. The total value of the deal, which involves SMBC buying shares from eight existing shareholders, comes up to 134.8 billion rupees ($1.58 billion), Sumitomo Mitsui Financial Group said in a statement. SMBC, is a unit of Sumitomo Mitsui Financial Group and is Japan's second-biggest bank.