Amid Yes Bank stake deal, SMFG India Credit CEO Shantanu Mitra announces exit – Banking & Finance News

Shantanu Mitra, the CEO and Managing Director of SMFG India Credit, has informed the board of his decision to step down from his role at the end of this month, sources familiar with the development told Economic Times. Sources confirmed that Mitra had communicated his decision earlier this month.

His term with the finance company was set to end in September this year.

This comes close on the heels of Sumitomo Mitsui Financial Group (SMFG) signing a definitive agreement to acquire a 20 per cent stake in Yes Bank for Rs 13,483 crore. The deal, signed in May, is awaiting approval from the Reserve Bank of India (RBI). SMFG India Credit is a 100 per cent subsidiary of SMFG.

Merging SMFG India Credit with Yes Bank is important as the RBI’s guidelines do not allow banks to own subsidiaries which are active in the same segment of lending as the bank. SMFG India Credit offers home loans, business loans, personal loans, among others. These are the segments where YES Bank already has exposure. 

The Economic Times report maintained that the SMFG board is yet to find his replacement. 

In FY25, Sumitomo Mitsui Financial Group infused Rs 4,300 crore in equity capital into the bank— Rs 1,300 crore in April 2024 and Rs 3,000 crore in December 2024. 

Shantanu Mitra has served two terms at the company—the first from 2010 to 2017, and the second from 2021 to 2025. During his initial tenure, he had joined as Group Chief Risk Officer and was later elevated to CEO in 2011.