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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's SMBC to take stake in Indian lender AFP - Thursday, July 1 Send IM Story Print Japan's SMBC to take stake in Indian lender TOKYO (AFP) - – Japanese megabank Sumitomo Mitsui Banking Corp. (SMBC) said Wednesday it will buy a stake in India's Kotak Mahindra Bank, becoming the first Japanese bank to invest in an Indian counterpart. SMBC will take a 4.5 percent stake, or 16.4 million shares, of Kotak Mahindra for 13.66 billion rupees (293 million dollars), pending shareholder and regulatory approvals. Japan's third-largest bank, which will reportedly become the third largest shareholder in the Indian lender, said it wished to pursue fresh opportunities in the rising economic power. "SMBC intends to cooperate with Kotak to develop new cross-border business opportunities in India, in areas such as asset management, alternate assets, securities and investment banking," the Japanese firm said in a statement. SMBC said it will continue to serve its Japanese clients under the existing business alliance with Standard Chartered Bank. Recommend Send IM Story Print Related Articles Google says search engine 'partially blocked' in China AFP - 15 minutes ago US-BUSINESS Summary Reuters - 25 minutes ago Ex-AIG's Cassano emerges to offer defense Reuters - 25 minutes ago Russian grocer Kopeika may ditch IPO - sources Reuters - 27 minutes ago Lindsay Q3 beats Street on firm irrigation revenue Reuters - 33 minutes ago News Search Top Stories Boeing claims 'sweeping victory' in WTO Airbus ruling WTO rules some Airbus subsidies are illegal US claims 'landmark victory' in WTO Airbus ruling War crimes prosecutors cleared to call Naomi Campbell Italy appeals rights court's school crucifix ban More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Russia furious over Cold War-style US spy arrests FIFA chief apologises for World Cup errors Rare white elephant caught in Myanmar Solar-powered plane set for pioneering night flight Veteran CNN interviewer Larry King to quit More Most Viewed » Amputee cat gets bionic legs Aussie men shoot each other in buttocks 'to see if it hurts' Fans gather for Michael Jackson death anniversary More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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