YESBANK
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EXCLUSIVE-India plans to hike foreign investment cap in state-run banks to 49%, source says
Current cap on foreign ownership is 20%
Recent M&A in India's private banking sector underscores foreign interest
Government plans to retain 51% ownership of state-run banks, source says
By Nikunj Ohri
NEW DELHI, Oct 27 (Reuters) - India is planning to allow direct foreign investment in state-run banks of up to 49%, more than double current limits, according to a person directly involved in the policy discussions.
The finance ministry has been discussing the matter with the Reserve Bank of India (RBI), the country's banking sector regulator, over the past couple of months, said the person, adding that the proposal has yet to be finalised.
Foreign interest in India's banking industry is on the rise as evidenced by Dubai-based Emirates NBD's ENBD.DU recent $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's $1.6 billion acquisition of a 20% stake in Yes Bank YESB.NS which the Japanese lender later raised by another 4.99%.
State-run banks are also seeing interest from overseas investors and raising the foreign ownership limit will help them gain more capital in the coming years, the person said.
NARROWING THE GAP
A second source confirmed a hike from the current cap of 20% is under discussion, adding that the move is also part of an attempt to narrow the gap between regulations for government-owned and private banks. India allows foreign ownership of up to 74% for private lenders.
The proposal to increase the cap for state-run banks to 49% has not been previously reported.
Both sources declined to be identified as discussions are not public. India's finance ministry and the RBI did not immediately respond to Reuters' emails seeking comments.
India's robust economic growth - averaging 8% over the past three fiscal years - has led to rising demand for credit, increasing the attractiveness of the country's lenders. Deals in India's financial sector jumped 127% to $8 billion between January to September.
TWELVE BANKS
India has 12 government-owned banks, with combined assets of 171 trillion rupees ($1.95 trillion) as of March that account for 55% of the banking sector.
The government plans to retain a minimum shareholding of 51% in state-run banks, according to the first source. At present, the government has much higher ownership in all 12 banks.
Current foreign ownership in state-run banks ranges from a high of about 12% in Canara Bank CNBK.NS to near zero in UCO Bank UCBK.NS as of September 30, according to data from stock exchanges.
In general, state-run banks are viewed as weaker than their private peers. Often tasked with providing credit to less affluent sections of society and opening branches in the hinterlands, the banks have been more prone to bad loans and have had weaker returns on equity.
KEEPING SAFEGUARDS
The RBI has taken a number of steps in the past few months to reduce and ease regulations in the banking sector, while becoming more open to allowing foreign banks to own larger stakes in Indian private lenders.
But certain safeguards will stay to avoid arbitrary control and decision-making, the first source said, adding that a cap on voting rights of 10% for a single shareholder will remain in place.
($1 = 87.8950 Indian rupees)
Foreign ownership in India's public sector banks https://reut.rs/47yX2um
(Reporting by Nikunj Ohri in New Delhi; Additional reporting by Gopika Gopakumar in Mumbai; Editing by Edwina Gibbs)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Current cap on foreign ownership is 20%
Recent M&A in India's private banking sector underscores foreign interest
Government plans to retain 51% ownership of state-run banks, source says
By Nikunj Ohri
NEW DELHI, Oct 27 (Reuters) - India is planning to allow direct foreign investment in state-run banks of up to 49%, more than double current limits, according to a person directly involved in the policy discussions.
The finance ministry has been discussing the matter with the Reserve Bank of India (RBI), the country's banking sector regulator, over the past couple of months, said the person, adding that the proposal has yet to be finalised.
Foreign interest in India's banking industry is on the rise as evidenced by Dubai-based Emirates NBD's ENBD.DU recent $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's $1.6 billion acquisition of a 20% stake in Yes Bank YESB.NS which the Japanese lender later raised by another 4.99%.
State-run banks are also seeing interest from overseas investors and raising the foreign ownership limit will help them gain more capital in the coming years, the person said.
NARROWING THE GAP
A second source confirmed a hike from the current cap of 20% is under discussion, adding that the move is also part of an attempt to narrow the gap between regulations for government-owned and private banks. India allows foreign ownership of up to 74% for private lenders.
The proposal to increase the cap for state-run banks to 49% has not been previously reported.
Both sources declined to be identified as discussions are not public. India's finance ministry and the RBI did not immediately respond to Reuters' emails seeking comments.
India's robust economic growth - averaging 8% over the past three fiscal years - has led to rising demand for credit, increasing the attractiveness of the country's lenders. Deals in India's financial sector jumped 127% to $8 billion between January to September.
TWELVE BANKS
India has 12 government-owned banks, with combined assets of 171 trillion rupees ($1.95 trillion) as of March that account for 55% of the banking sector.
The government plans to retain a minimum shareholding of 51% in state-run banks, according to the first source. At present, the government has much higher ownership in all 12 banks.
Current foreign ownership in state-run banks ranges from a high of about 12% in Canara Bank CNBK.NS to near zero in UCO Bank UCBK.NS as of September 30, according to data from stock exchanges.
In general, state-run banks are viewed as weaker than their private peers. Often tasked with providing credit to less affluent sections of society and opening branches in the hinterlands, the banks have been more prone to bad loans and have had weaker returns on equity.
KEEPING SAFEGUARDS
The RBI has taken a number of steps in the past few months to reduce and ease regulations in the banking sector, while becoming more open to allowing foreign banks to own larger stakes in Indian private lenders.
But certain safeguards will stay to avoid arbitrary control and decision-making, the first source said, adding that a cap on voting rights of 10% for a single shareholder will remain in place.
($1 = 87.8950 Indian rupees)
Foreign ownership in India's public sector banks https://reut.rs/47yX2um
(Reporting by Nikunj Ohri in New Delhi; Additional reporting by Gopika Gopakumar in Mumbai; Editing by Edwina Gibbs)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Blackstone to invest $705 million in India's Federal Bank to become largest shareholder
Rewrites, adds details throughout
Oct 24 (Reuters) - Blackstone will invest about $705 million in India's Federal Bank FED.NS for a 9.9% stake, the private lender said on Friday, adding to the growing list of large deals by marquee investors.
The deal will make the private equity firm the largest shareholder in the bank.
Dealmaking in Indian private banking space has picked up pace this year. Last week, Dubai-based bank Emirates NBD purchased a 60% stake in RBL Bank RATB.NS for $3 billion. Japan’s Sumitomo Mitsui Banking Corporation SMBC bought a 20% stake in Yes Bank YESB.NS in May and then an additional 4.2% in September.
Blackstone will invest in Federal Bank through a Singapore-based affiliate that has entered a share-purchase agreement with the bank, which includes the right to nominate a non-executive director to its board.
The deal will be executed through preferential equity shares and warrants, and is subject to approval from shareholders and the banking and competition regulators.
Federal Bank's shareholders will meet in a so-called extraordinary general meeting on November 19 to approve the preferential share issue and board seat.
Shares of lender rose 1.15% to 229.00 rupees in Mumbai.
The bank, which has a loan book of 2.44 trillion rupees, posted a 9.6% decline in its net profit to 9.55 billion rupees for the September quarter due to a decline in treasury income and a rise in funds kept aside for bad loans.
($1 = 87.8950 Indian rupees)
(Reporting by Ashwin Manikandan and Manvi Pant; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Rewrites, adds details throughout
Oct 24 (Reuters) - Blackstone will invest about $705 million in India's Federal Bank FED.NS for a 9.9% stake, the private lender said on Friday, adding to the growing list of large deals by marquee investors.
The deal will make the private equity firm the largest shareholder in the bank.
Dealmaking in Indian private banking space has picked up pace this year. Last week, Dubai-based bank Emirates NBD purchased a 60% stake in RBL Bank RATB.NS for $3 billion. Japan’s Sumitomo Mitsui Banking Corporation SMBC bought a 20% stake in Yes Bank YESB.NS in May and then an additional 4.2% in September.
Blackstone will invest in Federal Bank through a Singapore-based affiliate that has entered a share-purchase agreement with the bank, which includes the right to nominate a non-executive director to its board.
The deal will be executed through preferential equity shares and warrants, and is subject to approval from shareholders and the banking and competition regulators.
Federal Bank's shareholders will meet in a so-called extraordinary general meeting on November 19 to approve the preferential share issue and board seat.
Shares of lender rose 1.15% to 229.00 rupees in Mumbai.
The bank, which has a loan book of 2.44 trillion rupees, posted a 9.6% decline in its net profit to 9.55 billion rupees for the September quarter due to a decline in treasury income and a rise in funds kept aside for bad loans.
($1 = 87.8950 Indian rupees)
(Reporting by Ashwin Manikandan and Manvi Pant; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Yes Bank's Loans & Advances As Of Sept 30 Up 6.5% Y/Y
Oct 3 (Reuters) - Yes Bank Ltd YESB.NS:
LOANS & ADVANCES AS OF SEPT 30 UP 6.5% Y/Y
DEPOSITS AS OF SEPT 30 UP 7.1% Y/Y
Source text: ID:nNSE9LGTpL
Further company coverage: YESB.NS
(([email protected];))
Oct 3 (Reuters) - Yes Bank Ltd YESB.NS:
LOANS & ADVANCES AS OF SEPT 30 UP 6.5% Y/Y
DEPOSITS AS OF SEPT 30 UP 7.1% Y/Y
Source text: ID:nNSE9LGTpL
Further company coverage: YESB.NS
(([email protected];))
MUFG in talks for $2.6 billion stake in India's Shriram Finance, Economic Times reports
Adds Shriram Finance filing saying media report was 'speculation' in paragraph 6 and shares move in paragraph 10
Oct 1 (Reuters) - Japan's Mitsubishi UFJ Financial Group 8306.T is in advanced talks to buy a 20% stake in Indian non-banking finance company Shriram Finance SHMF.NS for 232 billion rupees ($2.61 billion), the Economic Times reported on Wednesday, citing people familiar with the matter.
A deal would mark the latest move by a Japanese financial institution to acquire a stake in an Indian firm, following the banking arm of rival Sumitomo Mitsui Financial Group 8316.T building a 24.2% holding in Mumbai-based Yes Bank YESB.NS.
Facing a shrinking domestic market and years of rock-bottom interest rates, Japan's biggest banks have enthusiastically sought out targets overseas over many years.
MUFG - Japan's largest lender by assets - owns a 23.62% stake in Wall Street investment bank Morgan Stanley MS.N.
The Japanese bank declined to comment on the report, while Shriram Finance did not immediately respond to a Reuters request for comment.
Shriram Finance, in an exchange filing on September 30, said it had received a media query regarding a potential majority stake sale and dismissed the report as speculation. It said it had no knowledge of any deal or any shareholder intent to sell.
The investment will be through a primary issuance via a preferential allotment and will not entail any secondary sale of shares, the newspaper said, adding that both MUFG and Shriram Finance have signed an exclusivity agreement on negotiations.
The Tokyo-based banking leader is, however, not averse to taking a higher stake in the company or even a controlling interest, over time, the report said.
Shriram Finance reported an 8.8% year-on-year rise in standalone profit of 21.56 billion rupees for the quarter ended on June 30. Its results were slightly below the analysts' average estimate of 21.91 billion rupees, according to data compiled by LSEG.
Shriram Finance shares listed on the National Stock Exchange of India rose 3.5% on Wednesday after the Economic Times report.
($1 = 88.8040 Indian rupees)
(Reporting by Gnaneshwar Rajan, Mrinmay Dey, Yagnoseni Das in Bengaluru and Anton Bridge in Tokyo; Editing by Subhranshu Sahu, Muralikumar Anantharaman and Tom Hogue)
(([email protected];))
Adds Shriram Finance filing saying media report was 'speculation' in paragraph 6 and shares move in paragraph 10
Oct 1 (Reuters) - Japan's Mitsubishi UFJ Financial Group 8306.T is in advanced talks to buy a 20% stake in Indian non-banking finance company Shriram Finance SHMF.NS for 232 billion rupees ($2.61 billion), the Economic Times reported on Wednesday, citing people familiar with the matter.
A deal would mark the latest move by a Japanese financial institution to acquire a stake in an Indian firm, following the banking arm of rival Sumitomo Mitsui Financial Group 8316.T building a 24.2% holding in Mumbai-based Yes Bank YESB.NS.
Facing a shrinking domestic market and years of rock-bottom interest rates, Japan's biggest banks have enthusiastically sought out targets overseas over many years.
MUFG - Japan's largest lender by assets - owns a 23.62% stake in Wall Street investment bank Morgan Stanley MS.N.
The Japanese bank declined to comment on the report, while Shriram Finance did not immediately respond to a Reuters request for comment.
Shriram Finance, in an exchange filing on September 30, said it had received a media query regarding a potential majority stake sale and dismissed the report as speculation. It said it had no knowledge of any deal or any shareholder intent to sell.
The investment will be through a primary issuance via a preferential allotment and will not entail any secondary sale of shares, the newspaper said, adding that both MUFG and Shriram Finance have signed an exclusivity agreement on negotiations.
The Tokyo-based banking leader is, however, not averse to taking a higher stake in the company or even a controlling interest, over time, the report said.
Shriram Finance reported an 8.8% year-on-year rise in standalone profit of 21.56 billion rupees for the quarter ended on June 30. Its results were slightly below the analysts' average estimate of 21.91 billion rupees, according to data compiled by LSEG.
Shriram Finance shares listed on the National Stock Exchange of India rose 3.5% on Wednesday after the Economic Times report.
($1 = 88.8040 Indian rupees)
(Reporting by Gnaneshwar Rajan, Mrinmay Dey, Yagnoseni Das in Bengaluru and Anton Bridge in Tokyo; Editing by Subhranshu Sahu, Muralikumar Anantharaman and Tom Hogue)
(([email protected];))
SMBC raises stake in Jefferies to up to 20% with $912 million investment
Adds context in paragraph 2, details on alliance and analyst comment in paragraphs 5-9.
SMBC deepens partnership with Jefferies, following Yes Bank stake raise
New Japanese equities joint vehicle set to launch 2027
Aim to meet surge in demand for Japanese equities globally
By Anton Bridge
Sept 19 (Reuters) - Japan's Sumitomo Mitsui Banking Corp, the banking arm of Sumitomo Mitsui Financial Group 8316.T, will invest a further 135 billion yen ($912.84 million) in U.S. investment bank Jefferies JEF.N, the companies said in a statement on Friday.
The move deepens the firms' alliance, which dates from 2021, and comes after SMBC raised its holding in India's Yes BankYESB.NS this week, as it and other Japanese institutions seek out opportunities overseas.
The investment will take SMBC's stake to up to 20% from 14.5%. The two companies will also set up a joint venture in Japan to consolidate their wholesale Japanese equities businesses, the statement said.
The new entity will oversee the firms' equity capital markets operations, research and sales and trading from a target launch date of January 2027.
As the Japanese stock market is booming with larger deal sizes, more global deals and increased capital flows from overseas, the alliance with Jefferies will allow SMFG's securities arm - SMBC Nikko - to better meet issuer and investor demand, SMBC Executive Officer Takashi Morita told a press briefing.
STAKE EXPECTED TO BOOST PROFIT BY FIFTH YEAR
The bank estimates the Jefferies stake will contribute 50 billion yen to profit by the fifth year, of which 10 billion yen would come from the equity joint venture.
"SMBC Nikko may be able to get more inbound M&A interest from U.S. financial firms where it may not have the trusted relationships in the U.S. that Jefferies does," said Travis Lundy, an analyst who publishes on Smartkarma.
"More perhaps it gets SMBC a potentially much better seat at the table for providing LBO financing," Lundy added.
SMBC will provide Jefferies with $2.5 billion of new credit facilities to be used for leveraged lending in EMEA and pre-listing lending in the United States, the statement added.
SMFG, Japan's second largest banking group, started working with Jefferies in 2021 on cross-border mergers and acquisitions and leveraged finance. It first took a stake in 2023, and has since raised it multiple times.
Nothing has been decided with regard to further investment in the future, SMBC's Morita said.
SMBC is not the only Japanese bank to secure a foothold in the U.S.
Larger rival Mitsubishi UFJ Financial Group 8306.T invested in Morgan Stanley MS.N in 2008 and currently holds a 23.62% shareholding, while number three player Mizuho Financial Group 8411.T acquired U.S. M&A advisory Greenhill in 2023.
(Reporting by Gnaneshwar Rajan in Bengaluru, Anton Bridge in Tokyo and Kane Wu in Hong Kong; Editing by Kirsten Donovan and Sharon Singleton)
(([email protected];))
Adds context in paragraph 2, details on alliance and analyst comment in paragraphs 5-9.
SMBC deepens partnership with Jefferies, following Yes Bank stake raise
New Japanese equities joint vehicle set to launch 2027
Aim to meet surge in demand for Japanese equities globally
By Anton Bridge
Sept 19 (Reuters) - Japan's Sumitomo Mitsui Banking Corp, the banking arm of Sumitomo Mitsui Financial Group 8316.T, will invest a further 135 billion yen ($912.84 million) in U.S. investment bank Jefferies JEF.N, the companies said in a statement on Friday.
The move deepens the firms' alliance, which dates from 2021, and comes after SMBC raised its holding in India's Yes BankYESB.NS this week, as it and other Japanese institutions seek out opportunities overseas.
The investment will take SMBC's stake to up to 20% from 14.5%. The two companies will also set up a joint venture in Japan to consolidate their wholesale Japanese equities businesses, the statement said.
The new entity will oversee the firms' equity capital markets operations, research and sales and trading from a target launch date of January 2027.
As the Japanese stock market is booming with larger deal sizes, more global deals and increased capital flows from overseas, the alliance with Jefferies will allow SMFG's securities arm - SMBC Nikko - to better meet issuer and investor demand, SMBC Executive Officer Takashi Morita told a press briefing.
STAKE EXPECTED TO BOOST PROFIT BY FIFTH YEAR
The bank estimates the Jefferies stake will contribute 50 billion yen to profit by the fifth year, of which 10 billion yen would come from the equity joint venture.
"SMBC Nikko may be able to get more inbound M&A interest from U.S. financial firms where it may not have the trusted relationships in the U.S. that Jefferies does," said Travis Lundy, an analyst who publishes on Smartkarma.
"More perhaps it gets SMBC a potentially much better seat at the table for providing LBO financing," Lundy added.
SMBC will provide Jefferies with $2.5 billion of new credit facilities to be used for leveraged lending in EMEA and pre-listing lending in the United States, the statement added.
SMFG, Japan's second largest banking group, started working with Jefferies in 2021 on cross-border mergers and acquisitions and leveraged finance. It first took a stake in 2023, and has since raised it multiple times.
Nothing has been decided with regard to further investment in the future, SMBC's Morita said.
SMBC is not the only Japanese bank to secure a foothold in the U.S.
Larger rival Mitsubishi UFJ Financial Group 8306.T invested in Morgan Stanley MS.N in 2008 and currently holds a 23.62% shareholding, while number three player Mizuho Financial Group 8411.T acquired U.S. M&A advisory Greenhill in 2023.
(Reporting by Gnaneshwar Rajan in Bengaluru, Anton Bridge in Tokyo and Kane Wu in Hong Kong; Editing by Kirsten Donovan and Sharon Singleton)
(([email protected];))
India's federal investigator charges Anil Ambani, former Yes Bank CEO in alleged loan fraud
Sept 18 (Reuters) - India's federal investigating agency said on Thursday it has filed chargesheets in cases connected to "fraudulent" transactions between Anil Ambani's companies, Yes Bank YESB.NS and firms owned by the lender's former top boss.
Central Bureau of Investigation (CBI) said that Yes Bank invested over 50 billion rupees ($567.21 million) in two Ambani-controlled companies in 2017, with approval from the bank's former CEO Rana Kapoor, despite rating agencies flagging financial risks.
The agency said the funds were later siphoned off, demonstrating a systematic diversion of public money.
CBI said that Kapoor "abused" his position to channel Yes Bank's funds into financially troubled Ambani group firms, which in return extended concessional loans to companies linked to Kapoor's family.
The arrangement resulted in a loss of 27.97 billion Indian rupees ($317.29 million) to Yes Bank and led to unlawful gains for Ambani's firms and the companies linked to Kapoor's family, CBI said.
Anil Ambani's spokesperson and Rana Kapoor did not immediately respond to Reuters' requests for comment.
($1 = 88.1540 Indian rupees)
(Reporting by Nishit Navin; Editing by Shinjini Ganguli)
(([email protected];))
Sept 18 (Reuters) - India's federal investigating agency said on Thursday it has filed chargesheets in cases connected to "fraudulent" transactions between Anil Ambani's companies, Yes Bank YESB.NS and firms owned by the lender's former top boss.
Central Bureau of Investigation (CBI) said that Yes Bank invested over 50 billion rupees ($567.21 million) in two Ambani-controlled companies in 2017, with approval from the bank's former CEO Rana Kapoor, despite rating agencies flagging financial risks.
The agency said the funds were later siphoned off, demonstrating a systematic diversion of public money.
CBI said that Kapoor "abused" his position to channel Yes Bank's funds into financially troubled Ambani group firms, which in return extended concessional loans to companies linked to Kapoor's family.
The arrangement resulted in a loss of 27.97 billion Indian rupees ($317.29 million) to Yes Bank and led to unlawful gains for Ambani's firms and the companies linked to Kapoor's family, CBI said.
Anil Ambani's spokesperson and Rana Kapoor did not immediately respond to Reuters' requests for comment.
($1 = 88.1540 Indian rupees)
(Reporting by Nishit Navin; Editing by Shinjini Ganguli)
(([email protected];))
SMBC to buy further 4.2% of Yes Bank from Carlyle affiliate
TOKYO, Sept 17 (Reuters) - The banking arm of Sumitomo Mitsui Financial Group 8316.T has agreed to buy an additional 4.2% stake in India's Yes Bank YESB.NS from an affiliate of Carlyle Group CG.O for 51 billion yen ($349 million), it said on Wednesday.
Sumitomo Mitsui Banking Corporation, Japan's second largest lender by assets, also said it had now completed its acquisition of an initial 20% stake in the Mumbai-based bank, in a deal first announced in May.
($1 = 146.2800 yen)
(Reporting by Anton Bridge
Editing by Mark Potter)
(([email protected];))
TOKYO, Sept 17 (Reuters) - The banking arm of Sumitomo Mitsui Financial Group 8316.T has agreed to buy an additional 4.2% stake in India's Yes Bank YESB.NS from an affiliate of Carlyle Group CG.O for 51 billion yen ($349 million), it said on Wednesday.
Sumitomo Mitsui Banking Corporation, Japan's second largest lender by assets, also said it had now completed its acquisition of an initial 20% stake in the Mumbai-based bank, in a deal first announced in May.
($1 = 146.2800 yen)
(Reporting by Anton Bridge
Editing by Mark Potter)
(([email protected];))
Sumitomo Mitsui Likely To Sell 1.65% Stake In Kotak Mahindra Bank - Moneycontrol Citing CNBC-Awaaz
India's Yes Bank gains on antitrust approval for SMBC's stake buy
** Shares of Yes Bank YESB.NS climb 3% to 20.14 rupees
** Private sector bank set for best day since early June, if gains hold
** On Tuesday, competition regulator approved Sumitomo Mitsui Banking Corporation's stake purchase in YESB
** SMBC signed a deal in May for a 20% stake, has RBI approval to purchase total 24.99% stake
** Nine analysts tracking stock rate it "sell" on average; median PT is 17 rupees - data compiled by LSEG
** YTD, stock turns positive, last up almost 3%
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of Yes Bank YESB.NS climb 3% to 20.14 rupees
** Private sector bank set for best day since early June, if gains hold
** On Tuesday, competition regulator approved Sumitomo Mitsui Banking Corporation's stake purchase in YESB
** SMBC signed a deal in May for a 20% stake, has RBI approval to purchase total 24.99% stake
** Nine analysts tracking stock rate it "sell" on average; median PT is 17 rupees - data compiled by LSEG
** YTD, stock turns positive, last up almost 3%
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
India competition regulator approves SMBC's stake buy in Yes Bank
Sept 2 (Reuters) - India's competition regulator said on Tuesday it had approved Japanese company Sumitomo Mitsui Banking Corporation's stake purchase in Indian lender Yes Bank YESB.NS.
SMBC in May 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.
(Reporting by Nishit Navin; Editing by Shreya Biswas
)
(([email protected];))
Sept 2 (Reuters) - India's competition regulator said on Tuesday it had approved Japanese company Sumitomo Mitsui Banking Corporation's stake purchase in Indian lender Yes Bank YESB.NS.
SMBC in May 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.
(Reporting by Nishit Navin; Editing by Shreya Biswas
)
(([email protected];))
India's Yes Bank climbs after SMBC gets nod to buy up to 24.99% in lender
** Indian lender Yes Bank YESB.NS gains as much as 4.8%; last up 2.3% at 19.8 rupees
** Japan's Sumitomo Mitsui Banking Corporation (SMBC) SUMFDS.UL gets Indian central bank nod to buy up to 24.99% of Yes Bank
** SMBC inked deal to buy 20% stake in YESB for $1.6 billion in May; Reuters reported in July, citing sources, that SMBC was seeking approval to buy an additional 4.9% in YESB
** Stock set for best day since early June
** YESB is rated "sell" on avg, median PT is 17 rupees - data compiled by LSEG
** Stock is up 1.1% so far in 2025
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Indian lender Yes Bank YESB.NS gains as much as 4.8%; last up 2.3% at 19.8 rupees
** Japan's Sumitomo Mitsui Banking Corporation (SMBC) SUMFDS.UL gets Indian central bank nod to buy up to 24.99% of Yes Bank
** SMBC inked deal to buy 20% stake in YESB for $1.6 billion in May; Reuters reported in July, citing sources, that SMBC was seeking approval to buy an additional 4.9% in YESB
** Stock set for best day since early June
** YESB is rated "sell" on avg, median PT is 17 rupees - data compiled by LSEG
** Stock is up 1.1% so far in 2025
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
Japan's SMBC gets Indian central bank approval to buy up to 24.99% of Yes Bank
MUMBAI, Aug 23 (Reuters) - 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, 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.
(Reporting by Jayshree P Upadhyay
Editing by Mark Potter)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
MUMBAI, Aug 23 (Reuters) - 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, 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.
(Reporting by Jayshree P Upadhyay
Editing by Mark Potter)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
India's financial crime agency probes Anil Ambani's Reliance Group, source says
Agency alleges Ambani firms paid bribes, routed funds via shell companies
YES Bank loan approvals for Ambani's firms violated norms, backdated credit memos, source says
Anil Ambani firms' shares fall as much as 5% after probe news
Adds comments from Reliance Group source in paragraphs 5-6, government source in paragraphs 18, 19
By Nikunj Ohri
NEW DELHI, July 24 (Reuters) - India's financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday.
The Enforcement Directorate alleges the group orchestrated a "well-planned" scheme to siphon off 30 billion rupees ($350 million) in loans from YES Bank YESB.NS to many shell companies between 2017 and 2019, the source said on condition of anonymity, as he was not authorised to speak to the media.
Anil Ambani's Reliance Group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank’s processes.
The probe also found gross violations in YES Bank’s loan approval process, such as lending to companies with weak financials, backdating credit memos, "evergreening" loans - issuing fresh loans to avoid labelling assets as non-performing - and misrepresenting financials.
A Reliance Group source said YES Bank had granted loans to Anil Ambani's entities after following the due process, and the entire exposure was fully secured.
The allegation that bribes were given to secure loans was incorrect, the source said, adding that Reliance Home Finance (RHFL) extended fully secured loans on merit to privately-held companies of Rana Kapoor, the erstwhile promoter of YES Bank.
These loans were fully repaid, including interest, the source said.
Representatives for Reliance Group and YES Bank did not respond to requests for comment.
Several group firms of Anil Ambani, the younger brother of billionaire Mukesh Ambani, have gone into bankruptcy since 2017.
YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank. Japan's Sumitomo Mitsui Banking Corp is seeking a 20% stake in a deal that has yet to get regulatory approval.
Kapoor was charged with bank fraud by the financial crime agency in 2020 and later arrested. He pleaded not guilty and was granted bail in 2024 by a special court in India's financial capital of Mumbai, according to local media reports.
REGULATORY ACTIONS
The financial crime agency can now seize or attach assets of Anil Ambani entities as the "proceeds of crime", said Debopriyo Moulik, a lawyer at India's Supreme Court. However, the group companies can challenge the agency's findings in court, he said.
Anil Ambani's group entities have been subject to several regulatory actions in recent years. In August 2024, the markets regulator SEBI barred Anil Ambani and 24 others from securities markets for five years, citing fund diversion from Reliance Home Finance.
The markets regulator has shared findings of its investigation on Reliance Home Finance with the financial crime agency, which is likely to investigate a sharp rise in corporate loans granted by the finance company, the source said.
Shares of Reliance Infrastructure RLIN.NS and Reliance Power RPOL.NS fell as much as 5% on Thursday after the news of the latest probe.
The companies issued similar statements to Indian stock exchanges saying the agency's actions "have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders" of the two companies.
"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the statements said.
However, the government source said the agency's investigation found Reliance Infrastructure diverted over 100 billion rupees disguised as inter-corporate deposits (ICD) to other Reliance group entities through an undisclosed, but related entity. ICDs are unsecured loans extended by one company to another.
An undisclosed related entity was used to bypass approvals from shareholders and the audit committee, the source said. The Reliance Group did not immediately respond to a separate Reuters' request seeking a comment on these allegations.
Reliance Group's businesses range from defence to power and infrastructure, although Ambani himself is not on the boards of any listed entities, following orders passed by the market regulator, which Ambani has challenged.
($1 = 86.3300 Indian rupees)
(Reporting by Nikunj Ohri in New Delhi; Writing by Shubham Batra; Editing by William Mallard and Rachna Uppal)
(([email protected]; X: @MukherjeeHritam;))
Agency alleges Ambani firms paid bribes, routed funds via shell companies
YES Bank loan approvals for Ambani's firms violated norms, backdated credit memos, source says
Anil Ambani firms' shares fall as much as 5% after probe news
Adds comments from Reliance Group source in paragraphs 5-6, government source in paragraphs 18, 19
By Nikunj Ohri
NEW DELHI, July 24 (Reuters) - India's financial crime-fighting agency searched 35 locations linked to Reliance Anil Ambani Group as part of an investigation into alleged money laundering and siphoning of public funds, a government source said on Thursday.
The Enforcement Directorate alleges the group orchestrated a "well-planned" scheme to siphon off 30 billion rupees ($350 million) in loans from YES Bank YESB.NS to many shell companies between 2017 and 2019, the source said on condition of anonymity, as he was not authorised to speak to the media.
Anil Ambani's Reliance Group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank’s processes.
The probe also found gross violations in YES Bank’s loan approval process, such as lending to companies with weak financials, backdating credit memos, "evergreening" loans - issuing fresh loans to avoid labelling assets as non-performing - and misrepresenting financials.
A Reliance Group source said YES Bank had granted loans to Anil Ambani's entities after following the due process, and the entire exposure was fully secured.
The allegation that bribes were given to secure loans was incorrect, the source said, adding that Reliance Home Finance (RHFL) extended fully secured loans on merit to privately-held companies of Rana Kapoor, the erstwhile promoter of YES Bank.
These loans were fully repaid, including interest, the source said.
Representatives for Reliance Group and YES Bank did not respond to requests for comment.
Several group firms of Anil Ambani, the younger brother of billionaire Mukesh Ambani, have gone into bankruptcy since 2017.
YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank. Japan's Sumitomo Mitsui Banking Corp is seeking a 20% stake in a deal that has yet to get regulatory approval.
Kapoor was charged with bank fraud by the financial crime agency in 2020 and later arrested. He pleaded not guilty and was granted bail in 2024 by a special court in India's financial capital of Mumbai, according to local media reports.
REGULATORY ACTIONS
The financial crime agency can now seize or attach assets of Anil Ambani entities as the "proceeds of crime", said Debopriyo Moulik, a lawyer at India's Supreme Court. However, the group companies can challenge the agency's findings in court, he said.
Anil Ambani's group entities have been subject to several regulatory actions in recent years. In August 2024, the markets regulator SEBI barred Anil Ambani and 24 others from securities markets for five years, citing fund diversion from Reliance Home Finance.
The markets regulator has shared findings of its investigation on Reliance Home Finance with the financial crime agency, which is likely to investigate a sharp rise in corporate loans granted by the finance company, the source said.
Shares of Reliance Infrastructure RLIN.NS and Reliance Power RPOL.NS fell as much as 5% on Thursday after the news of the latest probe.
The companies issued similar statements to Indian stock exchanges saying the agency's actions "have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders" of the two companies.
"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the statements said.
However, the government source said the agency's investigation found Reliance Infrastructure diverted over 100 billion rupees disguised as inter-corporate deposits (ICD) to other Reliance group entities through an undisclosed, but related entity. ICDs are unsecured loans extended by one company to another.
An undisclosed related entity was used to bypass approvals from shareholders and the audit committee, the source said. The Reliance Group did not immediately respond to a separate Reuters' request seeking a comment on these allegations.
Reliance Group's businesses range from defence to power and infrastructure, although Ambani himself is not on the boards of any listed entities, following orders passed by the market regulator, which Ambani has challenged.
($1 = 86.3300 Indian rupees)
(Reporting by Nikunj Ohri in New Delhi; Writing by Shubham Batra; Editing by William Mallard and Rachna Uppal)
(([email protected]; X: @MukherjeeHritam;))
BREAKINGVIEWS-Top Indian bank's share sale hardly moves needle
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, July 22 (Reuters Breakingviews) - State Bank of India SBI.NS looks like it's about to become a more frequent capital raiser. This week the country's largest lender, which is 57%-owned by New Delhi, sold 250 billion rupees ($2.9 billion) worth of shares. The rationale was to increase its equity ratios. Yet, even though the deal is India's largest-ever secondary stock placement to institutions, it hardly moves the needle. Ideally, a company wanting to bolster its balance sheet would trim dividends first. But the government wants state-run companies to bump up these payments by 25%.
Oddly, the bank doesn't appear to need to increase its capital. At 10.8%, its common equity Tier 1 (CET1) ratio is above the regulatory minimum of 8.8%. SBI Chair C.S. Setty said in May the bank has enough "firepower" as it stands to grow its loan book by up to 8 trillion rupees ($93 billion), or 19%.
The issue seems to be that SBI's CET1 ratio is below the 14% average for the Indian banking sector and even further behind the 16% and 18% buffers at privately held peers ICICI Bank ICBK.NS and HDFC Bank HDBK.NS. Since both those rivals trade at higher multiples to book than SBI, there's some logic to wanting to catch up.
The share sale doesn't get it very far, though. SBI has some $421 billion of risk-weighted assets, so the extra $2.9 billion only takes its CET1 ratio to 11.5%.
The additional capital has another effect of reducing the lender's return on equity: apply it to the most recent financial year, and the 17% ROE, per LSEG, would drop by just under a percentage point. That would, on paper, still leave it besting HDFC's 14% showing and lagging ICICI's 18%. But both are cranking out those numbers with much higher capital. Moreover, SBI's ROE is looking harder to sustain with bank credit growing at just over 9%, its slowest pace in three years.
Perhaps Setty and his executives are comfortable with only slightly narrowing its capital gap to peers. Assuming they're not, they have two options: sell more shares or sell more assets. Earlier this year, for example, SBI offloaded a 13% stake in Yes Bank YESB.NS to Sumitomo Mitsui Financial Group 8316.T. The lender could follow that up with peddling its remaining 11% chunk in Yes, or selling or listing its general insurer and its asset management subsidiary.
That'll keep SBI and its bankers busy for a while.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
State Bank of India on July 21 said it had completed a sale of shares worth 250 billion rupees ($2.89 billion) to institutional investors. Books were covered 4.5 times, and foreign long-term investors bought 24% of the float, the lender said.
SBI priced the issue at 817 rupees per share, a 1.8% discount to the closing price of 831.70 rupees on July 16, IFR reported on July 18, citing unnamed people with knowledge of the transaction.
Demand for the transaction was led by domestic institutions, with state-backed Life Insurance Corporation of India committing 80 billion rupees, per IFR. Nomura, Marshall Wace, Millennium, HDFC Mutual Fund, Quant Mutual Fund and ICICI Prudential Mutual Fund also participated in the issue, the report added.
SBI's shares trade at a discount to peers https://www.reuters.com/graphics/BRV-BRV/egpbqabzmvq/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, July 22 (Reuters Breakingviews) - State Bank of India SBI.NS looks like it's about to become a more frequent capital raiser. This week the country's largest lender, which is 57%-owned by New Delhi, sold 250 billion rupees ($2.9 billion) worth of shares. The rationale was to increase its equity ratios. Yet, even though the deal is India's largest-ever secondary stock placement to institutions, it hardly moves the needle. Ideally, a company wanting to bolster its balance sheet would trim dividends first. But the government wants state-run companies to bump up these payments by 25%.
Oddly, the bank doesn't appear to need to increase its capital. At 10.8%, its common equity Tier 1 (CET1) ratio is above the regulatory minimum of 8.8%. SBI Chair C.S. Setty said in May the bank has enough "firepower" as it stands to grow its loan book by up to 8 trillion rupees ($93 billion), or 19%.
The issue seems to be that SBI's CET1 ratio is below the 14% average for the Indian banking sector and even further behind the 16% and 18% buffers at privately held peers ICICI Bank ICBK.NS and HDFC Bank HDBK.NS. Since both those rivals trade at higher multiples to book than SBI, there's some logic to wanting to catch up.
The share sale doesn't get it very far, though. SBI has some $421 billion of risk-weighted assets, so the extra $2.9 billion only takes its CET1 ratio to 11.5%.
The additional capital has another effect of reducing the lender's return on equity: apply it to the most recent financial year, and the 17% ROE, per LSEG, would drop by just under a percentage point. That would, on paper, still leave it besting HDFC's 14% showing and lagging ICICI's 18%. But both are cranking out those numbers with much higher capital. Moreover, SBI's ROE is looking harder to sustain with bank credit growing at just over 9%, its slowest pace in three years.
Perhaps Setty and his executives are comfortable with only slightly narrowing its capital gap to peers. Assuming they're not, they have two options: sell more shares or sell more assets. Earlier this year, for example, SBI offloaded a 13% stake in Yes Bank YESB.NS to Sumitomo Mitsui Financial Group 8316.T. The lender could follow that up with peddling its remaining 11% chunk in Yes, or selling or listing its general insurer and its asset management subsidiary.
That'll keep SBI and its bankers busy for a while.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
State Bank of India on July 21 said it had completed a sale of shares worth 250 billion rupees ($2.89 billion) to institutional investors. Books were covered 4.5 times, and foreign long-term investors bought 24% of the float, the lender said.
SBI priced the issue at 817 rupees per share, a 1.8% discount to the closing price of 831.70 rupees on July 16, IFR reported on July 18, citing unnamed people with knowledge of the transaction.
Demand for the transaction was led by domestic institutions, with state-backed Life Insurance Corporation of India committing 80 billion rupees, per IFR. Nomura, Marshall Wace, Millennium, HDFC Mutual Fund, Quant Mutual Fund and ICICI Prudential Mutual Fund also participated in the issue, the report added.
SBI's shares trade at a discount to peers https://www.reuters.com/graphics/BRV-BRV/egpbqabzmvq/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Japan's SMFG eyes $1.1 billion investment in India's Yes Bank, Bloomberg News reports
July 15 (Reuters) - Japan's Sumitomo Mitsui Financial Group 8316.T is mulling a $1.1 billion investment in India's Yes Bank YESB.NS, Bloomberg News reported on Tuesday, citing people familiar with the matter.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich)
(([email protected]; Mobile: +91 9591011727;))
July 15 (Reuters) - Japan's Sumitomo Mitsui Financial Group 8316.T is mulling a $1.1 billion investment in India's Yes Bank YESB.NS, Bloomberg News reported on Tuesday, citing people familiar with the matter.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich)
(([email protected]; Mobile: +91 9591011727;))
Reliance Infrastructure- JR Toll Road Pays 2.73 Billion Rupees Debt To Yes Bank
June 23 (Reuters) - Reliance Infrastructure Ltd RLIN.NS:
RELIANCE INFRASTRUCTURE LTD - JR TOLL ROAD PAYS 2.73 BILLION RUPEES DEBT TO YES BANK
Source text: ID:nBSE8Hz8tt
Further company coverage: RLIN.NS
(([email protected];))
June 23 (Reuters) - Reliance Infrastructure Ltd RLIN.NS:
RELIANCE INFRASTRUCTURE LTD - JR TOLL ROAD PAYS 2.73 BILLION RUPEES DEBT TO YES BANK
Source text: ID:nBSE8Hz8tt
Further company coverage: RLIN.NS
(([email protected];))
Yes Bank Gets 780 Mln Rupees From A Single Trust , In Security Receipts Portfolio
June 17 (Reuters) - Yes Bank Ltd YESB.NS:
RECEIVED 780 MILLION RUPEES FROM A SINGLE TRUST , IN SECURITY RECEIPTS PORTFOLIO
Further company coverage: YESB.NS
(([email protected];;))
June 17 (Reuters) - Yes Bank Ltd YESB.NS:
RECEIVED 780 MILLION RUPEES FROM A SINGLE TRUST , IN SECURITY RECEIPTS PORTFOLIO
Further company coverage: YESB.NS
(([email protected];;))
Moody's Ratings Upgrades India's Yes Bank To Ba2 From Ba3, Changes Outlook To Stable
June 13 (Reuters) - Yes Bank Ltd YESB.NS:
MOODY'S RATINGS: UPGRADES INDIA'S YES BANK TO BA2 FROM BA3; CHANGES OUTLOOK TO STABLE
Source text: [ID:]
Further company coverage: YESB.NS
(([email protected];;))
June 13 (Reuters) - Yes Bank Ltd YESB.NS:
MOODY'S RATINGS: UPGRADES INDIA'S YES BANK TO BA2 FROM BA3; CHANGES OUTLOOK TO STABLE
Source text: [ID:]
Further company coverage: YESB.NS
(([email protected];;))
ANALYSIS-India considers easing bank ownership rules as foreign interest grows
Indian central bank reviewing ownership rules for banks
Foreign banks eager to tap India's rapid growth, trade deals
SMBC's deal for Yes Bank shows foreign interest, RBI flexibility
By Ira Dugal and Swati Bhat
MUMBAI, June 3 (Reuters) - The Indian banking regulator is signalling possible rule changes ahead that would let foreigners own more of India's banks, spurred by overseas institutions' eagerness for acquisitions and the fast-growing economy's need for more long-term capital.
The Reserve Bank of India last month bent its rules to let Japan's Sumitomo Mitsui Banking Corp buy a 20% stake in Yes Bank, and two foreign institutions are vying for a stake in IDBI Bank, highlighting the pressure to ease foreign ownership rules that are among the strictest of any major economy.
RBI Governor Sanjay Malhotra told the Times of India last week that the central bank was examining shareholding and licensing rules for banks as part of a broader review.
A source familiar with the central bank's thinking said it would be more open to letting regulated financial institutions own bigger stakes, with approvals on a case-by-case basis, and to certain rule changes that could address disincentives for foreign acquisitions.
Analysts say foreign banks are keen for deals in India, the world's fastest-growing major economy, especially as it angles for regional trade agreements. Such pacts could open up new opportunities in India for global lenders elsewhere in Asia and the Middle East.
"The interest is driven by India's strong economic growth and large under-penetrated market," said Madhav Nair, deputy chairman of the Indian Banks Association.
Indian regulators, for their part, worry that India lags other large economies in mobilising banking capital, which will be vital to sustaining rapid economic growth.
Alka Anbarasu, associate managing director at Moody's Investors Service, said India will need much more capital for its banking system over the medium term.
"Whether this has prompted the regulator to consider bringing in strong international players into the banking system, it would be a good rationale for doing so," she said.
While most large global banks from Citibank to HSBC to Standard Chartered have operations in India, they are focused on the more profitable corporate and transaction banking segments, along with trading, rather than bread-and-butter lending.
The share of foreign banks in outstanding bank credit in India is less than 4%, central bank data shows.
Banking remains one of the most guarded sectors of the Indian economy. While foreigners including portfolio investors can own up to 74%, regulations limit a strategic foreign investor's stake to 15%.
Foreign banks are also deterred by a maze of other regulations, including a 26% cap on voting rights and a requirement that any large shareholding by a so-called promoter - a strategic investor with direct influence over management decisions - be sold down to 26% within 15 years.
The RBI is open to giving foreign buyers more time to sell down their stake, the source familiar with the bank's thinking said. The source declined to be identified as the deliberations are confidential.
The RBI did not respond to an email seeking comment.
The source also highlighted the banking regulator's increased openness to case-by-case exemptions from the 15% ownership limit, as offered for the Yes Bank YESB.NS purchase. The $1.58 billion deal was the largest cross-border acquisition ever in India's financial sector.
Two foreign investors - Canada's Fairfax Holdings and Emirates NBD - are also contending for a 60% stake in government-owned IDBI Bank.
Emirates recently received regulatory approval to set up an Indian subsidiary, making it only the third major foreign bank to do so after Singapore's DBS and State Bank of Mauritius.
The decision was prompted by an interest to acquire a majority stake in IDBI Bank, a source familiar with the buyers' thinking said.
Emirates NBD declined to comment. Fairfax did not respond to a request for comment.
An increase in the 26% cap on voting rights, or in the 15% investment limit, could encourage foreign bank investors, ratings agency Fitch said in a note last week.
It believes the RBI's preference is for foreign banks with a strong performance and solid governance to acquire stakes larger than 26% through wholly owned subsidiaries regulated in India.
The source familiar with RBI thinking said the limit on voting rights was hard-coded in law and would need to be reviewed by the finance ministry.
On regulatory issues under the central bank's purview, the source added, the stance on foreign strategic investors may need to be adjusted, especially given domestic investors' lack of interest in running banks.
"Where the long-term capital will come from will have to be thought through," the source said.
Share of foreign banks in India is low https://reut.rs/43TVhae
(Reporting by Ira Dugal and Swati Bhat; Editing by Edmund Klamann)
(([email protected]; +91-9833024892;))
Indian central bank reviewing ownership rules for banks
Foreign banks eager to tap India's rapid growth, trade deals
SMBC's deal for Yes Bank shows foreign interest, RBI flexibility
By Ira Dugal and Swati Bhat
MUMBAI, June 3 (Reuters) - The Indian banking regulator is signalling possible rule changes ahead that would let foreigners own more of India's banks, spurred by overseas institutions' eagerness for acquisitions and the fast-growing economy's need for more long-term capital.
The Reserve Bank of India last month bent its rules to let Japan's Sumitomo Mitsui Banking Corp buy a 20% stake in Yes Bank, and two foreign institutions are vying for a stake in IDBI Bank, highlighting the pressure to ease foreign ownership rules that are among the strictest of any major economy.
RBI Governor Sanjay Malhotra told the Times of India last week that the central bank was examining shareholding and licensing rules for banks as part of a broader review.
A source familiar with the central bank's thinking said it would be more open to letting regulated financial institutions own bigger stakes, with approvals on a case-by-case basis, and to certain rule changes that could address disincentives for foreign acquisitions.
Analysts say foreign banks are keen for deals in India, the world's fastest-growing major economy, especially as it angles for regional trade agreements. Such pacts could open up new opportunities in India for global lenders elsewhere in Asia and the Middle East.
"The interest is driven by India's strong economic growth and large under-penetrated market," said Madhav Nair, deputy chairman of the Indian Banks Association.
Indian regulators, for their part, worry that India lags other large economies in mobilising banking capital, which will be vital to sustaining rapid economic growth.
Alka Anbarasu, associate managing director at Moody's Investors Service, said India will need much more capital for its banking system over the medium term.
"Whether this has prompted the regulator to consider bringing in strong international players into the banking system, it would be a good rationale for doing so," she said.
While most large global banks from Citibank to HSBC to Standard Chartered have operations in India, they are focused on the more profitable corporate and transaction banking segments, along with trading, rather than bread-and-butter lending.
The share of foreign banks in outstanding bank credit in India is less than 4%, central bank data shows.
Banking remains one of the most guarded sectors of the Indian economy. While foreigners including portfolio investors can own up to 74%, regulations limit a strategic foreign investor's stake to 15%.
Foreign banks are also deterred by a maze of other regulations, including a 26% cap on voting rights and a requirement that any large shareholding by a so-called promoter - a strategic investor with direct influence over management decisions - be sold down to 26% within 15 years.
The RBI is open to giving foreign buyers more time to sell down their stake, the source familiar with the bank's thinking said. The source declined to be identified as the deliberations are confidential.
The RBI did not respond to an email seeking comment.
The source also highlighted the banking regulator's increased openness to case-by-case exemptions from the 15% ownership limit, as offered for the Yes Bank YESB.NS purchase. The $1.58 billion deal was the largest cross-border acquisition ever in India's financial sector.
Two foreign investors - Canada's Fairfax Holdings and Emirates NBD - are also contending for a 60% stake in government-owned IDBI Bank.
Emirates recently received regulatory approval to set up an Indian subsidiary, making it only the third major foreign bank to do so after Singapore's DBS and State Bank of Mauritius.
The decision was prompted by an interest to acquire a majority stake in IDBI Bank, a source familiar with the buyers' thinking said.
Emirates NBD declined to comment. Fairfax did not respond to a request for comment.
An increase in the 26% cap on voting rights, or in the 15% investment limit, could encourage foreign bank investors, ratings agency Fitch said in a note last week.
It believes the RBI's preference is for foreign banks with a strong performance and solid governance to acquire stakes larger than 26% through wholly owned subsidiaries regulated in India.
The source familiar with RBI thinking said the limit on voting rights was hard-coded in law and would need to be reviewed by the finance ministry.
On regulatory issues under the central bank's purview, the source added, the stance on foreign strategic investors may need to be adjusted, especially given domestic investors' lack of interest in running banks.
"Where the long-term capital will come from will have to be thought through," the source said.
Share of foreign banks in India is low https://reut.rs/43TVhae
(Reporting by Ira Dugal and Swati Bhat; Editing by Edmund Klamann)
(([email protected]; +91-9833024892;))
Yes Bank Says Board Meeting Scheduled For June 03 To Consider Fund Raising
May 28 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - BOARD MEETING SCHEDULED FOR JUNE 03 TO CONSIDER FUND RAISING
Further company coverage: YESB.NS
(([email protected];))
May 28 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - BOARD MEETING SCHEDULED FOR JUNE 03 TO CONSIDER FUND RAISING
Further company coverage: YESB.NS
(([email protected];))
Federal Bank To Sell Shares Of YES Bank Held BY Bank, In Favour Of Sumitomo Mitsui Banking Corporation
May 9 (Reuters) - Federal Bank Ltd FED.NS:
FEDERAL BANK LTD - EXECUTED A LETTER AGREEMENT WITH SUMITOMO MITSUI BANKING CORPORATION
FEDERAL BANK LTD: SALE OF 16,62,73,472 SHARES OF YES BANK LIMITED HELD BY FEDERAL BANK, IN FAVOUR OF SUMITOMO MITSUI BANKING CORPORATION
FEDERAL BANK LTD - SELLS 16,62,73,472 YES BANK SHARES TO SUMITOMO MITSUI
FEDERAL BANK LTD - SHARES SOLD AT 21.50 RUPEES PER SHARE
Source text: ID:nBSE9XpY40
Further company coverage: FED.NS
(([email protected];))
May 9 (Reuters) - Federal Bank Ltd FED.NS:
FEDERAL BANK LTD - EXECUTED A LETTER AGREEMENT WITH SUMITOMO MITSUI BANKING CORPORATION
FEDERAL BANK LTD: SALE OF 16,62,73,472 SHARES OF YES BANK LIMITED HELD BY FEDERAL BANK, IN FAVOUR OF SUMITOMO MITSUI BANKING CORPORATION
FEDERAL BANK LTD - SELLS 16,62,73,472 YES BANK SHARES TO SUMITOMO MITSUI
FEDERAL BANK LTD - SHARES SOLD AT 21.50 RUPEES PER SHARE
Source text: ID:nBSE9XpY40
Further company coverage: FED.NS
(([email protected];))
SMBC in talks to buy significant stake in India's Yes Bank, Economic Times reports
May 6 (Reuters) - Japan's Sumitomo Mitsui Banking Corp (SMBC) is in advanced discussions to buy a significant stake in India's Yes Bank YESB.NS, the Economic Times reported on Tuesday, citing people aware of the matter.
The move is expected to trigger an open offer for an additional 26% Yes Bank, the report added.
(Reporting by Ashish Chandra in Bengaluru)
(([email protected]; +91 7982114624;))
May 6 (Reuters) - Japan's Sumitomo Mitsui Banking Corp (SMBC) is in advanced discussions to buy a significant stake in India's Yes Bank YESB.NS, the Economic Times reported on Tuesday, citing people aware of the matter.
The move is expected to trigger an open offer for an additional 26% Yes Bank, the report added.
(Reporting by Ashish Chandra in Bengaluru)
(([email protected]; +91 7982114624;))
BREAKINGVIEWS-India bank mess crystallises perils of competition
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 30 (Reuters Breakingviews) - Casualties are piling up in India's war for bank deposits. The CEO of $8 billion IndusInd Bank INBK.NS stepped down on Tuesday after accounting and lending woes nixed almost half its market value. The shambles is the most high-profile fallout of the banking industry's intense fight for low-cost funds in the country that has wrong-footed executives, shareholders and watchdogs.
Sumant Kathpalia is trying to distance himself from the mess caused on his watch, which includes rising losses on microfinance loans. He is resigning, he said, to take "moral responsibility" for a derivatives lapse that shaved 2.27% off the bank's net worth when it came to light a month ago. His deputy also stepped down on Monday.
The Reserve Bank of India had insisted on the exits, Reuters reported. But the regulator was initially intending for the lender to find replacements first, which is why it approved a one-year extension to Kathpalia's tenure just last month.
The saga bears the markers of perverse incentives. At the heart of the controversy is IndusInd's long-term foreign currency deposits, which it converted to rupees to fund loan growth without fully accounting for mark-to-market losses. The practice, which stretched back at least six years, effectively inflated profits.
The RBI ushered in new accounting rules for internal derivatives trades in April 2024. Nonetheless, repeated instances of governance crises and RBI action at private lenders from Yes Bank YESB.NS to RBL Bank RATB.NS point to the limits of regulatory effectiveness in an environment of fierce competition.
India's 33 banks are locked in a battle for low-cost deposits. Private lenders, the product of India's 1990s liberalisation, have to compete with state-owned peers which are generally regarded as safer.
There's a newer rival, too: Indians' blooming hopes of making more money by putting their cash into stocks and mutual funds. Bank deposits accounted for 44% of overall household financial assets in March 2024, down from 56% in 2020. The drop, coupled with steady loan growth, has driven banks to increasingly tap short-term debt and attracted health warnings from the RBI.
Management overhauls can hold out hope of a fresh start. But the war for deposits may yet claim more casualties.
Follow @ShritamaBose on X
CONTEXT NEWS
IndusInd Bank on April 29 said its Managing Director & CEO Sumant Kathpalia had stepped down from his role. Kathpalia claimed "moral responsibility" in his resignation letter for an accounting lapse that shaved 2.27% off the bank's net worth.
With the Reserve Bank of India's approval, the lender's board has set up a committee of executives to oversee its operations either for three months from the date of Kathpalia's exit or until a new chief assumes charge, whichever comes first, IndusInd said on April 30.
Graphic: Bank deposits account for less than half of Indians' financial assets https://reut.rs/3ELuRxK
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 30 (Reuters Breakingviews) - Casualties are piling up in India's war for bank deposits. The CEO of $8 billion IndusInd Bank INBK.NS stepped down on Tuesday after accounting and lending woes nixed almost half its market value. The shambles is the most high-profile fallout of the banking industry's intense fight for low-cost funds in the country that has wrong-footed executives, shareholders and watchdogs.
Sumant Kathpalia is trying to distance himself from the mess caused on his watch, which includes rising losses on microfinance loans. He is resigning, he said, to take "moral responsibility" for a derivatives lapse that shaved 2.27% off the bank's net worth when it came to light a month ago. His deputy also stepped down on Monday.
The Reserve Bank of India had insisted on the exits, Reuters reported. But the regulator was initially intending for the lender to find replacements first, which is why it approved a one-year extension to Kathpalia's tenure just last month.
The saga bears the markers of perverse incentives. At the heart of the controversy is IndusInd's long-term foreign currency deposits, which it converted to rupees to fund loan growth without fully accounting for mark-to-market losses. The practice, which stretched back at least six years, effectively inflated profits.
The RBI ushered in new accounting rules for internal derivatives trades in April 2024. Nonetheless, repeated instances of governance crises and RBI action at private lenders from Yes Bank YESB.NS to RBL Bank RATB.NS point to the limits of regulatory effectiveness in an environment of fierce competition.
India's 33 banks are locked in a battle for low-cost deposits. Private lenders, the product of India's 1990s liberalisation, have to compete with state-owned peers which are generally regarded as safer.
There's a newer rival, too: Indians' blooming hopes of making more money by putting their cash into stocks and mutual funds. Bank deposits accounted for 44% of overall household financial assets in March 2024, down from 56% in 2020. The drop, coupled with steady loan growth, has driven banks to increasingly tap short-term debt and attracted health warnings from the RBI.
Management overhauls can hold out hope of a fresh start. But the war for deposits may yet claim more casualties.
Follow @ShritamaBose on X
CONTEXT NEWS
IndusInd Bank on April 29 said its Managing Director & CEO Sumant Kathpalia had stepped down from his role. Kathpalia claimed "moral responsibility" in his resignation letter for an accounting lapse that shaved 2.27% off the bank's net worth.
With the Reserve Bank of India's approval, the lender's board has set up a committee of executives to oversee its operations either for three months from the date of Kathpalia's exit or until a new chief assumes charge, whichever comes first, IndusInd said on April 30.
Graphic: Bank deposits account for less than half of Indians' financial assets https://reut.rs/3ELuRxK
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
Yes Bank Says Dhavan Shah Resigns As Country Head - SME Banking
April 22 (Reuters) - Yes Bank Ltd YESB.NS:
DHAVAN SHAH RESIGNS AS COUNTRY HEAD - SME BANKING
Source text: ID:nBSE7Rx3KQ
Further company coverage: YESB.NS
(([email protected];;))
April 22 (Reuters) - Yes Bank Ltd YESB.NS:
DHAVAN SHAH RESIGNS AS COUNTRY HEAD - SME BANKING
Source text: ID:nBSE7Rx3KQ
Further company coverage: YESB.NS
(([email protected];;))
India's Yes Bank surges after quarterly profit beat estimates
** Shares of Yes Bank YESB.NS climb 4.4% to 18.88 rupees; on track for best day in over three-months
** Private lender's lower bad loan provisions helped its Q4 standalone profit rise 63% to 7.38 bln rupees (~$87 mln), beating market estimates of 6.34 bln rupees, as per LSEG data
** Stock eyes busiest trading session in more-than three weeks, with around 162.5 million shares traded
** Bigger rivals ICICI Bank ICBK.NS and HDFC Bank HDBK.NS hit record highs after also beating Q4 profit estimates on higher net interest income
** YESB rated "sell" on avg, ICBK, HDBK rated "buy"- data compiled by LSEG
** Year-to-date, YESB down ~8%, ICBK, HDBK up ~10%, ~8%
($1 = 85.0900 Indian rupees)
** Shares of Yes Bank YESB.NS climb 4.4% to 18.88 rupees; on track for best day in over three-months
** Private lender's lower bad loan provisions helped its Q4 standalone profit rise 63% to 7.38 bln rupees (~$87 mln), beating market estimates of 6.34 bln rupees, as per LSEG data
** Stock eyes busiest trading session in more-than three weeks, with around 162.5 million shares traded
** Bigger rivals ICICI Bank ICBK.NS and HDFC Bank HDBK.NS hit record highs after also beating Q4 profit estimates on higher net interest income
** YESB rated "sell" on avg, ICBK, HDBK rated "buy"- data compiled by LSEG
** Year-to-date, YESB down ~8%, ICBK, HDBK up ~10%, ~8%
($1 = 85.0900 Indian rupees)
India's Yes Bank posts 63% rise in Q4 profit on lower provisions
MUMBAI, April 19 (Reuters) - India's Yes Bank YESB.NS reported a better-than-expected 63% rise in net profit for the January-March quarter on Saturday, helped by falling loan-loss provisions.
The Mumbai-based private lender's standalone net profit rose to 7.38 billion rupees ($86.39 million) for the financial year fourth quarter from 4.52 billion rupees in the same period a year earlier.
That was above analysts' average forecast of 6.4 billion rupees, according to LSEG data.
Yes Bank's provisions and contingencies, or funds kept aside for potential bad loans, fell 32.5% on-year to 3.18 billion rupees.
Its gross non-performing asset ratio, a key gauge of asset quality, was at 1.60% at end of March, unchanged from the end of the previous three months.
Net interest income, the difference between the interest earned on loans and paid to depositors, rose 5.7% to 22.76 billion rupees.
Its other income, including fees, commissions and interest earned traditional interest-based activities, rose 11% to 15.67 billion rupees.
Its loans grew 8.1% on year, while deposits rose 6.8%.
Net interest margin, a key profitability measure, was 2.50%, up from 2.40% a year earlier and in the previous three months.
Analysts expect banks' net interest margins to be under pressure in the coming quarters following the 50-basis-points rate cut by the Reserve Bank of India since February. That is because the pass-through to loan rates happens faster compared to deposits.
Shares of Yes Bank closed 1.2% higher on Thursday ahead of the results.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by Raju Gopalakrishnan)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
MUMBAI, April 19 (Reuters) - India's Yes Bank YESB.NS reported a better-than-expected 63% rise in net profit for the January-March quarter on Saturday, helped by falling loan-loss provisions.
The Mumbai-based private lender's standalone net profit rose to 7.38 billion rupees ($86.39 million) for the financial year fourth quarter from 4.52 billion rupees in the same period a year earlier.
That was above analysts' average forecast of 6.4 billion rupees, according to LSEG data.
Yes Bank's provisions and contingencies, or funds kept aside for potential bad loans, fell 32.5% on-year to 3.18 billion rupees.
Its gross non-performing asset ratio, a key gauge of asset quality, was at 1.60% at end of March, unchanged from the end of the previous three months.
Net interest income, the difference between the interest earned on loans and paid to depositors, rose 5.7% to 22.76 billion rupees.
Its other income, including fees, commissions and interest earned traditional interest-based activities, rose 11% to 15.67 billion rupees.
Its loans grew 8.1% on year, while deposits rose 6.8%.
Net interest margin, a key profitability measure, was 2.50%, up from 2.40% a year earlier and in the previous three months.
Analysts expect banks' net interest margins to be under pressure in the coming quarters following the 50-basis-points rate cut by the Reserve Bank of India since February. That is because the pass-through to loan rates happens faster compared to deposits.
Shares of Yes Bank closed 1.2% higher on Thursday ahead of the results.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by Raju Gopalakrishnan)
(([email protected]; +91 22 6921 7848; X: https://twitter.com/siddhiVnayak))
India's Yes Bank falls after Q4 update shows 'subdued credit growth'
** Yes Bank YESB.NS down 4.62% to 17.12 rupees after Q4 business update
** YESB set for biggest one day percentage decline in nearly 3 months
** Shares at lowest level since November 2023
** Co's Q4FY25 performance "mixed, with subdued credit growth," says ICICI Direct Research
** Co's Q4FY25 loans grew by 0.7% q/q while deposits grew 2.6% q/q
** "The slow pace of credit growth may limit near-term margin expansion despite improving liability mix"- brokerage
** Including session's decline, YESB shares down ~31% in the last 12 months
(Reporting by Ananta Agarwal in Bengaluru)
** Yes Bank YESB.NS down 4.62% to 17.12 rupees after Q4 business update
** YESB set for biggest one day percentage decline in nearly 3 months
** Shares at lowest level since November 2023
** Co's Q4FY25 performance "mixed, with subdued credit growth," says ICICI Direct Research
** Co's Q4FY25 loans grew by 0.7% q/q while deposits grew 2.6% q/q
** "The slow pace of credit growth may limit near-term margin expansion despite improving liability mix"- brokerage
** Including session's decline, YESB shares down ~31% in the last 12 months
(Reporting by Ananta Agarwal in Bengaluru)
Yes Bank Discloses Receipt From Sale Of NPA Portfolio To JC Flower Arc
March 21 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - DISCLOSES RECEIPT FROM SALE OF NPA PORTFOLIO TO JC FLOWER ARC
Source text: ID:nNSE3ngCb8
Further company coverage: YESB.NS
(([email protected];))
March 21 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - DISCLOSES RECEIPT FROM SALE OF NPA PORTFOLIO TO JC FLOWER ARC
Source text: ID:nNSE3ngCb8
Further company coverage: YESB.NS
(([email protected];))
Yes Bank Ltd - Receives Income-Tax Demand Of 1.45 Billion Rupees
Yes Bank Ltd YESB.NS:
YES BANK LTD - RECEIVES INCOME-TAX DEMAND OF 1.45 BILLION RUPEES
Source text: ID:nBSE6PJFzt
Further company coverage: YESB.NS
Yes Bank Ltd YESB.NS:
YES BANK LTD - RECEIVES INCOME-TAX DEMAND OF 1.45 BILLION RUPEES
Source text: ID:nBSE6PJFzt
Further company coverage: YESB.NS
Yes Bank Updates On Sale Of NPA Portfolio To JC Flower Arc
March 13 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - UPDATE ON SALE OF NPA PORTFOLIO TO JC FLOWER ARC
YES BANK LTD - RECEIVES 820 MILLION RUPEES FROM FROM A SINGLE TRUST IN SECURITY RECEIPTS PORTFOLIO
Source text: ID:nBSE9SW5bW
Further company coverage: YESB.NS
(([email protected];;))
March 13 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - UPDATE ON SALE OF NPA PORTFOLIO TO JC FLOWER ARC
YES BANK LTD - RECEIVES 820 MILLION RUPEES FROM FROM A SINGLE TRUST IN SECURITY RECEIPTS PORTFOLIO
Source text: ID:nBSE9SW5bW
Further company coverage: YESB.NS
(([email protected];;))
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What does Yes Bank do?
Yes Bank is a publicly held bank engaged in providing a wide range of products, services, and digital solutions, catering to Retail, MSME, and corporate clients. Yes Bank is a banking company governed by the Banking Regulation Act, 1949. The Bank works and interacts with several forms of capital to create value in the course of its business activities i.e. Financial Capital, Natural Capital, Social and Relationship Capital, Human Capital, Manufactured Capital and Intellectual Capital.
Who are the competitors of Yes Bank?
Yes Bank major competitors are IDFC First Bank, Indusind Bank, AU Small Fin. Bank, Federal Bank, Bandhan Bank, Karur Vysya Bank, RBL Bank. Market Cap of Yes Bank is ₹70,563 Crs. While the median market cap of its peers are ₹57,974 Crs.
Is Yes Bank financially stable compared to its competitors?
Yes Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Yes Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Yes Bank latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Yes Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is Yes Bank balance sheet?
Latest balance sheet of Yes Bank is weak, and historically as well.
Is the profitablity of Yes Bank improving?
Yes, profit is increasing. The profit of Yes Bank is ₹2,837 Crs for TTM, ₹2,446 Crs for Mar 2025 and ₹1,285 Crs for Mar 2024.
Is Yes Bank stock expensive?
Yes Bank is expensive when considering the Price to Book, however latest PE is < 3 yr avg PE. Latest PE of Yes Bank is 24.87 while 3 year average PE is 36.51. Also latest Price to Book of Yes Bank is 1.43 while 3yr average is 1.26.
Has the share price of Yes Bank grown faster than its competition?
Yes Bank has given lower returns compared to its competitors. Yes Bank has grown at ~-26.33% over the last 7yrs while peers have grown at a median rate of 11.97%
Is the promoter bullish about Yes Bank?
There is Insufficient data to gauge this.
Are mutual funds buying/selling Yes Bank?
The mutual fund holding of Yes Bank is increasing. The current mutual fund holding in Yes Bank is 2.87% while previous quarter holding is 2.37%.