SBI board approves merger of 5 associate banks, BMB with itself
The State Bank of India’s (SBI’s) board of directors has approved merger of its five associate banks and Bharatiya Mahila Bank (BMB) with itself.
These five subsidiaries are State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore and Bharatiya Mahila Bank.
- The board has finalised the share swap ratio for three of the listed subsidiaries and BMB.
- It also approved merger of two unlisted associate banks State Bank of Patiala and State Bank of Hyderabad with it.
- The merger will create a global-sized bank with assets worth over Rs 37 lakh crore. It will make SBI one of the top 50 global financial powerhouses in the world.
- The merged entity will have network of 22,500 branches and 58,000 ATMs serving a customer base of over 50 crore.
- SBI has close to 16,500 branches, including 191 foreign offices across 36 countries while the five subsidiary banks have nearly 6,000 branches.
For more details: Cabinet Approval
Categories: Business, Economy & Banking