Rabobank to sell stake in India’s Yes Bank

Dutch lender Rabobank plans to sell its 15.9 percent stake in small Indian lender Yes Bank as it looks to open a branch in Asia’s third-largest economy, the Mint newspaper reported on Friday.

Rabobank has started negotiations with investors to sell the holding, but it may take some time for a deal to be concluded, the business daily said, citing two bankers familiar with the development.

Officials at Rabobank and Yes Bank could not immediately be reached by Reuters for comment.

The Mint said the sale could take place in phases and would involve more than one investor.

“Rabobank can enter India as a bank through the direct branch banking route, but the regulator has put a condition that it would be allowed to open a branch only if it sells its stake in Yes Bank,” a banker told the the newspaper.

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