The Competition Commission of India has approved the acquisition of certain share capital and voting rights of YES Bank by Sumitomo Mitsui Banking Corporation.

The proposed combination relates to the acquisition of share capital and votingrights of YES Bank by Sumitomo Mitsui Banking Corporation (SMBC).

SMBC, a Japan-based commercial bank, is a wholly-owned subsidiary and a core operating entity of Sumitomo Mitsui Financial Group. SMBC is a foreign bank in India, with branches in New Delhi, Mumbai, Chennai and an offshore branch in GIFT City, Gandhinagar. SMBC provides a range of banking services, such as provision of loans, accepting deposits and provision of letters of credit in India.

YES Bank, a public listed company, is a private sector bank engaged in providing a range of banking and financial services. It is a full-service bank offering a wide array of products, services and technology-driven digital offerings, catering to retail, Micro Small and Medium Enterprises as well as corporate clients.

Detailed order of the Commission will follow.

Bank acquisition approval: foreign bank to acquire shareholding and voting rights, subject to regulatory clearances. The Competition Commission approved SMBC's acquisition of certain share capital and voting rights in YES Bank, constituting a combination in the banking sector; SMBC is a foreign commercial bank operating branches in India and offering loans, deposits and letters of credit, while YES Bank is a listed private sector full-service bank serving retail, MSME and corporate clients; a detailed order will follow.