JSA Advocates & Solicitors and Japanese law firm Anderson Mori & Tomotsune advised Sumitomo Mitsui Banking Corporation (SMBC), while AZB & Partners acted for Yes Bank and S&R Associates represented selling shareholders including State Bank of India and seven private sector banks on SMBC’s acquisition of a 20 percent stake in Yes Bank for $1.58 billion – the largest cross-border investment in India’s banking sector.

The landmark transaction positions SMBC as Yes Bank’s largest shareholder through a secondary purchase comprising 13.19 percent from SBI and 6.81 percent from other shareholders including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank. These institutions had originally invested in Yes Bank as part of the Yes Bank Reconstruction Scheme in March 2020.

The transaction represents a watershed moment for India’s banking sector, demonstrating renewed international confidence in the country’s financial institutions while providing Yes Bank with strategic backing from one of Japan’s premier banking groups.

The JSA team was led by lead partner Vikram Raghani along with partner Bir Bahadur Sachar, principal associate Vwastav Ghosh, senior associates Vaishnavi Vyas and Aleesha Jadhav, and associates Tavishi Chandra, Samika Pachouly, Pranjal Shorey and Niki Shah. JSA’s banking and finance team comprised partner Anish Mashruwala, along with partners Pratish Kumar and Sumitava Basu, principal associate Karan Abhichandani, and associate Anmol Narang. The JSA competition team was led by partner and chair of competition law Nisha Kaur Uberoi, along with partner Harshita Singh Parmar, principal associate Shambhvi Sinha, and associates Akanksha Mathur, Keerthana Kesavan, Aditya Prakash, K Ashmeka and Meghaa G.

AZB’s transaction team was led by senior partner Vaidhyanadhan Iyer, and included senior partner Gautam Ganjawala, partners Abhilash Chandran and Bhargavy Ramesh, and associates Manhar Chaudhary and Pavit Kaur.

The S&R team was led by partners Rajat Sethi and Dhruv Nath and included associates Srikari Kancherla and V. Sreedharan on corporate matters. Head of competition practice Simran Dhir and partner Akshat Kulshrestha advised on competition law matters.