By Admin 
Yes bank: Today, on Tuesday, there was a special movement in the shares of Yes Bank. In early trade, Yes Bank shares reached the National Stock Exchange (NSE) with a jump of 9.6 percent to Rs 19.44 per share. However, there was some decline in the afternoon business. The bank’s shares are trading at Rs 18.11 per share with some decline. Yes Bank shares closed at Rs 17.73 per share in the last business session.
Deal is being done with Japan company
In fact, Japan’s Sumitomo Mitsui Banking Corp (SMBC) is undergoing talks with the bank to buy 51 percent stake in YES Bank. If the matter is confirmed on the deal, it will probably be considered the biggest deal in India’s banking sector so far. Earlier in the year 2020, Lakshmi Vilas Bank, who was struggling with poor financial condition, was merged with DBS Bank in Singapore. After this, such a big deal has not yet been done in the banking sector of the country.
Screw is stuck on this thing
SMBC, the unit of Japan’s second largest bank Sumitomo Mitsui Financial Group, has been interacting with Yes Bank’s largest Investor State Bank and Reserve Bank, but the talk on ownership and voting rights is stuck. It is being told that SMBC has received approval from RBI to purchase 51 percent stake in Yes Bank. It is also being told that SMBC is also in talks with SBI to finalize this deal.
There will be a deal in this
According to the report, the deal can be valued at $ 1.7 billion (about Rs 14,000 crore). Sumitomo will either buy less than 26 % stake and will merge through the share swap or bring an open offer by purchasing 26 percent stake. This can provide the control of the bank to Sumitomo, which will be a big strategic change.
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