S&R Associates is representing State Bank of India and seven listed private sector banks, namely HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Axis Bank Limited, IDFC First Bank Limited, Federal Bank Limited and Bandhan Bank Limited, in the proposed INR 134.83 billion sale of an aggregate 20% of the share capital of Yes Bank Limited, a listed private sector bank, to Sumitomo Mitsui Banking Corporation, a part of Sumitomo Mitsui Financial Group, Inc.

The transactions are subject to customary closing conditions, including regulatory approvals from the Reserve Bank of India and the Competition Commission of India. The transaction will be the largest cross-border investment in the Indian banking sector.

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