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Emirates NBD seeks majority stake in India’s Yes Bank

By Pramod Kumar
A Yes Bank branch in Mumbai. Emirates NBD is among bidders reportedly interested in securing a 51% stake Reuters/Danish Siddiqui
A Yes Bank branch in Mumbai. Emirates NBD is among bidders reportedly interested in securing a 51% stake

Dubai’s largest lender Emirates NBD is in advanced talks to acquire a majority stake in India’s Yes Bank, according to a media report.

The potential acquisition comes as the state-owned State Bank of India (SBI) intends to divest its 24 percent stake in Yes Bank for $2.2 billion by the end of March, Reuters reported citing informed sources.

Japanese financial institution Sumitomo Mitsui Banking Corporation is also in the running as a bidder.

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The bidders are reportedly interested in securing a 51 percent stake in Yes Bank, which was rescued in March 2020 by the Reserve Bank of India and a consortium of local banks following its near collapse.

SBI holds about 24 percent of Yes Bank, while 11 other consortium lenders together own 9.7 percent.

However, the report said that SBI has denied any development.

This month, Emirates NBD was reported to be among three suitors shortlisted to acquire a majority stake in India’s IDBI Bank.

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

Bloomberg had reported the Abu Dhabi-listed lender was among the possible suitors for a $5 billion stake in the Indian lender, but in a statement to the Abu Dhabi bourse the bank said the reports were “unfounded”.

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