YES Bank Limited, a leading private sector bank in India, has announced significant corporate developments at its Board of Directors meeting held on September 18, 2025. These developments include the resignation of an SBI nominee director, completion of a strategic stake acquisition by Sumitomo Mitsui Banking Corporation (SMBC), and the appointment of two SMBC nominee directors to the Board.

Resignation of SBI Nominee Director

The Board of YES Bank took note of the resignation of Mr. Sandeep Tewari (DIN 09623300), the nominee director of SBI, effective September 17, 2025. Mr. Tewari resigned to pursue other professional endeavours and has confirmed that he holds no claims against the Bank or its subsidiaries post-cessation. His resignation affects all committees and subcommittees of the Bank where he held membership.

Completion of SMBC Stake Acquisition

The Board formally acknowledged the completion of SMBC’s 20% stake acquisition in YES Bank. The transaction involved:

1. 13.19% stake (4,134,404,897 shares) acquired from State Bank of India (SBI).

2. 6.81% stake (2,136,830,297 shares) acquired from seven other shareholders, including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.

This acquisition was finalized following approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), and after meeting all conditions precedent as outlined in the transaction agreements. This strategic move strengthens SMBC’s presence in the Indian banking sector and provides YES Bank with a robust international banking partner.

Appointment of SMBC Nominee Directors

Following the completion of the stake acquisition, the Board approved the appointment of two additional directors, Mr. Shinichiro Nishino (DIN: 11290100) and Mr. Rajeev Veeravalli Kannan (DIN: 01973006), as non-executive and non-independent SMBC nominee directors, effective September 18, 2025.

• Mr. Shinichiro Nishino brings over 32 years of global banking experience, currently serving as Executive Officer, Head of Global Credit, SMBC, with extensive expertise in corporate, investment banking, and structured finance across multiple regions including EMEA and Americas.

• Mr. Rajeev Veeravalli Kannan is the Managing Executive Officer and Head of India Division, SMBC and SMFG, with over 30 years of experience in corporate and investment banking, sustainable finance, and strategic business growth in India and Asia-Pacific.

Both appointments are subject to shareholder approval via a postal ballot, as mandated under Regulation 17 of SEBI Listing Regulations. The nominees are not debarred by SEBI or any other regulatory authority.

Regulatory Compliance and Disclosure

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, YES Bank has ensured that all disclosures related to these developments, including director profiles and transaction details, are uploaded on the Bank’s website (www.yesbank.in) and the stock exchanges (BSE and NSE).

The Board meeting commenced at 10:00 A.M. and concluded at 11:40 A.M. and underscored the Bank’s commitment to transparency, corporate governance, and strategic partnership with global financial institutions.

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