Mumbai, Sept. 17 -- India's largest lender State Bank of India (SBI) on Wednesday said it has completed the sale of 13.18% stake in Yes Bank Ltd to Japanese lender Sumitomo Mitsui Banking Corp. (SMBC). When the transaction was announced on 9 May, SBI held a 23.97% stake in Yes Bank.

Following a deterioration in Yes Bank's financial position, the Reserve Bank of India (RBI) superseded the board in March 2020. Soon after, a clutch of banks led by SBI rescued Yes Bank.

CS Setty, chairman of SBI, on Wednesday said that Yes Bank's restructuring plan by RBI in 2020 was an innovative, first-of-its-kind public-private partnership that was fully supported and facilitated by the government.

"We are excited to welcome SMBC, a marquee financial in...