TOKYO — Sumitomo Mitsui Financial Group is set to invest in Yes Bank, a major Indian commercial bank, Nikkei has learned. Sumitomo Mitsui Banking, a subsidi of SMFG, will acquire around 20% of Yes Bank’s shares for more than 200 billion yen ($13.79 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.
