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FAB rules out bid for stake in India’s Yes Bank

A Yes Bank branch in Kolkata, India. FAB says it is not evaluating any possible offer for a stake in the bank Debajyoti Chakraborty/NurPhoto/Reuters
A Yes Bank branch in Kolkata, India. FAB says it is not evaluating any possible offer for a stake in the bank

First Abu Dhabi Bank (FAB) has denied it was planning to acquire a stake in Bombay Stock Exchange-listed Yes Bank.

Bloomberg reported on Wednesday that the Abu Dhabi-listed lender was among the possible suitors for a $5 billion stake in the Indian lender, citing informed sources.

FAB was reportedly considering an offer for up to a 51 percent in the Indian bank, the report said.

“Recent reports suggesting that FAB is considering acquiring a stake in Yes Bank are unfounded,” the bank said in statement published on the Abu Dhabi bourse on Thursday, clarifying “it is not evaluating any possible offer for Yes Bank”.

The bank remains focused on executing its growth strategy, the statement said.

Bloomberg reported this week that Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group were among interested bidders.

This week, the Reserve Bank of India (RBI) approved the sale of up to 51 percent stake in Yes Bank, Mint, an Indian financial newspaper, said.

“As a special case, RBI has agreed to a 51 percent sale of control to an appropriate incoming promoter,” the newspaper said, citing informed sources.

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