India's Yes Bank up after Japan's SMBC agrees to buy 20% stake

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Shares of Yes Bank jumped 4.6 per cent on Monday, after Japan's Sumitomo Mitsui Banking Corporation (SMBC) said on Friday it will take a 20 per cent 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 per cent stake from State Bank of India - its largest investor, and an aggregate of 6.81 per cent 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 per cent in early Monday trade.

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