TOKYO — Sumitomo Mitsui Financial Group announced plans Friday to invest in Yes Bank, a major Indian commercial bank. Sumitomo Mitsui Banking, a subsidi 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.
