Press Esc to close
Wednesday 31 August 2016
News updated at 2:31 AM IST
Weather
Max: 21°C
Min : 25°C
In Bengaluru
Cloudy sky

Merger of SBI associates on hold

Last updated: 07 July, 2009
New Delhi, Press Trust of India :

The proposed merger of the State Bank of Indore with the parent State Bank of India (SBI) is on as per the plan, but the merger of other associate banks has been put on hold, official sources said here on Tuesday.

State Bank of India initially had seven associates and with the merger of State Bank of Indore, the number would come down to five. Earlier in August 2008, SBI had merged State Bank of Saurashtra with itself. The sources said merger of other associate banks has been put on hold till further order. In June, State Bank of India had announced its plans to merge its smallest associate, State Bank of Indore, after respective boards passed resolutions to this effect. The announcement was opposed by bank unions who have threatened to go on strike.

Approval needed

The proposal for the merger of State Bank of Indore is subject to approval by RBI and the government.

The decision came a couple of weeks after Finance Minister Pranab Mukherjee asked public sector banks to look at consolidation as a serious option in order to reduce risks to financial stability and to face competition. SBI holds 98 per cent stake in the State Bank of Indore.

The merger of all associates of State Bank with SBI will take the total assets of the combined entity to rupees eight lakh-crore, which will help the lender to become a global financial powerhouse.

Besides from State Bank of Indore, SBI has five other associates namely State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.


Go to Top

Photo Gallery
Activists of All Bodo Student's Union protesting to demand the creation of a separate state...

Activists of All Bodo Student's Union protesting to demand the creation of a separate state...

Rajiv Gandhi Khel Ratna awardee gymnast Dipa Karmakar and Dronacharya award winner coach...

Rajiv Gandhi Khel Ratna awardee gymnast Dipa Karmakar and Dronacharya award winner coach...

A newly inducted Provincial Armed Constabulary (PAC) personnel quenching his thirst...

A newly inducted Provincial Armed Constabulary (PAC) personnel quenching his thirst...

A view of decorated Shivalinga at Somnath on Tuesday...

A view of decorated Shivalinga at Somnath on Tuesday...

Workers transport an idol of Hindu god Ganesh on a cart ahead of the Ganesh Chaturthi festival...

Workers transport an idol of Hindu god Ganesh on a cart ahead of the Ganesh Chaturthi festival...

Actress Katrina Kaif during a promotional event for her film 'Baar Baar Dekho' in Jaipur...

Actress Katrina Kaif during a promotional event for her film 'Baar Baar Dekho' in Jaipur...

Former Australian cricketer Glenn McGrath poses during a promotional event in Kolkata...

Former Australian cricketer Glenn McGrath poses during a promotional event in Kolkata...

Victor Banerjee with actress Raima Sen and Argentinian film director Pablo Cesar...

Victor Banerjee with actress Raima Sen and Argentinian film director Pablo Cesar...

Actor Milind Soman during a press conference to promote Pinkathon run in Jaipur on Tuesday....

Actor Milind Soman during a press conference to promote Pinkathon run in Jaipur on Tuesday....

Sand artist Manas Sahoo creates a sand sculpture on the eve of local self governance day in Puri...

Sand artist Manas Sahoo creates a sand sculpture on the eve of local self governance day in Puri...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523