(Reuters) -Shares of Yes Bank jumped 4.6% on Monday, after Japan’s Sumitomo Mitsui Banking Corporation (SMBC) said on Friday it will take a 20% stake in the lender, marking India’s largest cross-border banking deal.
SMBC is a unit of Sumitomo Mitsui Financial Group and is Japan’s second-biggest bank.
Yes Bank said in a stock exchange filing that as a part of the deal, SMBC will acquire a 13.19% stake from State Bank of India – its largest investor, and an aggregate of 6.81% from Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank Limited and Kotak Mahindra Bank.
Shares of SBI were up 2.5% in early Monday trade.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)
