Japan's SMFG to invest $1.6bn in India's Yes Bank
TOKYO -- Sumitomo Mitsui Financial Group announced plans Friday to invest in Yes Bank, a major Indian commercial bank. Sumitomo Mitsui Banking, a subsidiary of SMFG, will acquire 20% of Yes Bank's shares for 134.8 billion rupees ($1.58 billion), making it an equity-method affiliate.
Although Japanese banks have previously invested in nonbank entities, this marks the first instance of capital participation by a Japanese bank in an Indian private commercial bank.
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