YES Bank is once again undergoing a significant shift in its shareholder structure and is back in the spotlight. This time, Japan’s SBMC—one of the world’s largest banking groups—has announced plans to acquire a 20 percent stake in the bank, with the possibility of increasing it to a majority 51 percent stake in the future.
However, there’s a catch: while the acquisition deal is nearing completion, the Reserve Bank of India (RBI) is unlikely to permit voting rights beyond 26 percent. So, it basically means that SBMC could hold a majority ownership in YES Bank, but it may not fully control it.
This isn’t the first time YES Bank has seen such changes. Following is a timeline of key shareholder transitions to provide more context on the bank’s evolving ownership landscape:
2019–2020: Financial Crisis and Restructuring
In March 2020, Yes Bank was restructured by the RBI with the help of a consortium of local banks after a severe financial crisis. The RBI’s intervention was prompted by the bank’s deteriorating financial position, including underreporting of non-performing assets (NPA) and governance issues.
To stabilise the bank, the RBI proposed a reconstruction scheme that involved capital infusion from a consortium of investors, including SBI, HDFC Bank, ICICI Bank, and Axis Bank. This collective effort aimed to restore depositor confidence and ensure the bank’s continuity.
2020–2022: Stabilisation and New Investments
In March 2020, a consortium of banks, including SBI, ICICI Bank, and Kotak Mahindra Bank, infused capital into Yes Bank to support its recovery from a severe financial crisis.
On 14th March 2020, Yes Bank secured a total capital infusion of Rs. 10,000 crore from SBI and several leading private sector banks—namely HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, and IDFC First Bank. As part of this restructuring, SBI committed up to Rs. 7,250 crore, acquiring a 48.2 percent ownership stake in the bank.
Initially, SBI held a 48.2 percent stake, which was later diluted to 30 percent after a follow-on public offering (FPO). By 2025, SBI’s stake had further reduced to approximately 24 percent due to subsequent dilutions.
Additionally, in December 2022, private equity firms Advent International and The Carlyle Group invested approximately Rs. 8,896 crore in Yes Bank. Each firm acquired a 9.99 percent stake through a combination of equity shares and share warrants.
As per the shareholding pattern reported in March 2025, Advent International (via Verventa Holdings Limited) holds a 9.2 percent stake in Yes Bank, while Carlyle (via Ca Basque Investments) holds a 6.84 percent stake.
2023–2024: Stake Adjustments
SBI gradually reduced its stake in Yes Bank over the years — from 30 percent in 2022 to 26.14 percent by December 2022. This was followed by a slight dip to 26.13 percent in December 2023. The stake further declined to 23.99 percent in June 2024, 23.98 percent in September 2024, and finally reached 23.97 percent by March 2025.
In April 2023, Yes Bank created history by becoming the first Indian bank to cross 5 million shareholders, overtaking industry giants like Reliance Industries, TCS, and HDFC Bank in shareholder count.
May 2025: Strategic Investment by SMBC
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has entered into a definitive agreement on 9th May 2025 to acquire 20 percent stake in YES Bank through a secondary stake purchase of 13.19 percent from SBI and 6.81 percent aggregate stake from other bank shareholders including Axis Bank Limited, Bandhan Bank Limited, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited and Kotak Mahindra Bank Limited. SBI and the 7 Investor Banks had invested in the Bank as part of the YES Bank Reconstruction Scheme in March 2020.
Written by Shivani Singh
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