SMBC Nominates Two Directors After Becoming Yes Bank’s Largest Shareholder

Sumitomo Mitsui Banking Corporation (SMBC) has acquired a 20% stake in Yes Bank through a secondary purchase of shares from State Bank of India (SBI) and other banks, according to a regulatory filing. With this, SMBC becomes the largest shareholder, while SBI continues to hold over 10%.

Following the acquisition, SMBC has nominated Shinichiro Nishino and Rajeev Veeravalli Kannan as Non-Executive Non-Independent Directors, subject to shareholder approval. Nishino currently heads global credit in SMBC’s risk management unit, while Kannan is the managing executive officer and head of the India division at SMBC and Sumitomo Mitsui Financial Group. Meanwhile, SBI nominee Director Sandeep Tewari has resigned. Yes Bank also announced that its credit rating has been upgraded to AA- by four domestic agencies.