Market Chatter: Sumitomo Mitsui Financial Eyes India Reset Through Yes Bank
Sumitomo Mitsui Financial Group (TYO:8316) is reviewing its India operations to streamline its presence and may shift most business through Yes Bank (BOM:532648, NSE:YESBANK), Bloomberg News reported Friday, citing people with knowledge of the matter.The Japanese lender, amid regulatory shifts, may raise its stake in Yes Bank from 25%, the report said.Raising its stake past 26% would force a mandatory open offer for Yes Bank, though discussions remain preliminary and no final decisions have been made, the publication said.Sumitomo Mitsui Financial and Yes Bank did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)