SBI merges with five associates
The Dollar Business BureauThe alliance of State Bank of India with five of its associates will give shape to a new entity, which is expected to enter the list of top 50 banks across the world in terms of assets. The merger of SBI with State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur and Bharatiya Mahila Bank received a nod from the Union Cabinet on Wednesday. While the deposit base of the entire bank system accounts for Rs.97 lakh crore, the new entity will command a deposit base worth Rs. 21.5 lakh crore. The main reason for taking the merger ahead, according to SBI, is cost saving and synergies. Arundhati Bhattacharya, Chairman, SBI, stated ...
