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Riyadh: At the Future Investment Initiative (FII9) 2025 in Riyadh, Makoto Takashima, Chairman of Sumitomo Mitsui Financial Group (SMFG) and Chairman of the Board at Sumitomo Mitsui Banking Corporation (SMBC), expressed strong confidence in India’s economic trajectory 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 added that structural reforms and India’s expanding economy make it “one of the most promising markets in Asia.” “We are very excited about the prospect of the country, and SMBC would like to contribute to its successful development,” he noted. Biggest Foreign Stake in Yes Bank Japan’s SMBC now holds 24.2% in Yes Bank, the largest stake held by any shareholder in the private lender. The Reserve Bank of India has already permitted the group to increase its holding up to 24.99%. SMBC had initially invested Rs 13,482 crore for a 20% stake, before purchasing an additional 4.2% from a Carlyle Group affiliate. The move underscores the Japanese financial major’s expanding presence in India’s banking sector. No Immediate Plans for Insurance Foray With India now allowing 100% FDI in insurance, Takashima acknowledged the sector’s importance but ruled out diversification into it, for now. “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 clarified. About FII Institute The FII Institute is a global nonprofit foundation with an investment arm and one agenda: Impact on Humanity. Through its THINK, XCHANGE, and ACT pillars, the Institute fosters great ideas, empowers innovators, and invests in scalable solutions across critical sectors including AI and robotics, sustainability, healthcare, and education. For more information, please visit: https://fii-institute.org
