At the Future Investment Initiative (FII9) 2025 in Riyadh, Makoto Takashima, Chairman of Sumitomo Mitsui Financial Group (SMFG) and Chairman of the Board,
Sumitomo Mitsui Banking Corporation (SMBC), expressed strong optimism about India’s economic growth and reaffirmed the group’s long-term commitment to the country’s financial sector. Speaking exclusively to Times Network, Takashima said, “We are very bullish about India for its great growth potential. That’s why we made a significant investment recently in the commercial banking space, in addition to acquiring 100 percent in the loan bank.” He noted that India’s expanding economy and structural reforms make it one of the most promising markets in Asia. “We are very excited about the prospect of the Indian economy, and SMBC would like to contribute to its successful development,” he added.
WATCH - #TimesNetworkAtFII9 | SMBC Chairman Makoto Takashima speaks to #ETNOW in Riyadh on their investment in Yes Bank and why India’s financial sector remains a key growth bet
Japan’s SMBC now holds a 24.2% stake in Yes Bank, making it the largest shareholder in the private sector lender. The Reserve Bank of India has granted approval for SMBC to hold up to 24.99% in the bank. SMBC had initially invested ₹13,482 crore for a 20% acquisition, and later bought an additional 4.2% stake from a Carlyle Group affiliate, further strengthening its position in India’s banking sector.
On diversification, Takashima clarified that the group has no immediate plans to enter the Indian insurance market, even though India now allows 100% FDI in the sector. “We appreciate that the Indian government has opened up the insurance market, which is an important segment of financial services, but we don’t have any intention to get into that at this time,” he said.
Takashima emphasized SMBC’s focus on deepening existing investments and supporting India’s economic expansion through sustainable banking and infrastructure financing.
