Yes Bank A good news related to this is coming out. Japan's Mitsubishi UFJ Financial Group (MUFG) wants to take a majority stake in Yes Bank. MUFG is the world's second largest bank holding company. MUFG had in August proposed to invest $2 billion in HDB Financial, an NBFC arm of HDFC Bank, which was rejected by the NBFC's board. Yes Bank is the sixth largest bank in India in terms of assets. The current market value of Yes Bank is Rs 68,586.98 crore. If MUFG buys 51% stake in Yes Bank, it will be the biggest acquisition in the Indian banking sector.
Yes Bank is looking for a new owner
Yes Bank is looking for a new owner. Even earlier this year, MUFG was one of the potential candidates looking to buy a majority stake in Yes Bank. But it was out after initial talks. Now, after the rejection of its investment in HDB Financial, MUFG has rekindled its interest in Yes Bank. This information has been given in an ET report quoting people associated with the case.
Proposal given to SBI also
The Japanese lender has also submitted a non-binding offer to buy 23.99% stake in State Bank of India (SBI). If this deal goes through, it may be followed by an open offer for an additional 26% stake. In the last few days, MUFG has also started detailed due diligence of Yes Bank. This process may take four-six weeks. According to people familiar with the matter, no exclusivity agreement has been signed by either party yet. On Friday, Yes Bank shares were seen trading at Rs 21.87, down 0.05 per cent or Rs 0.01 on BSE.
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