Japanese financial conglomerate Sumitomo Mitsui Banking Corporation (SMBC) is back in the fray to acquire a controlling stake in Yes Bank. State Bank of India (SBI) has reopened talks with SMBC to pick up a controlling stake in the Mumbai headquartered lender, sources said.

While talks first started in 2024, this time, the deal terms have undergone some changes, sources said.

SBI, which holds a 23.97 percent stake in Yes Bank, is likely to sell up to 20 percent of its holding to SMBC. The Japanese major is also expected to infuse fresh capital of 6–7 percent. Upon fund infusion, SMBC may make an open offer to take its stake to 51 percent.