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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1017.15
-60.40 (-5.61%) Cabinet approves SBI merger with five associate banks
Date: 16-02-2017The Cabinet has approved the proposal for merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) with State Bank of India (SBI). The Finance Minister of India on February 15, 2017 has announced that the Cabinet has approved for the same.
Last year in March, SBI announced its merger with its five associate or subsidiary banks and Bharatiya Mahila Bank (BMB) after the government gave its nod for the merger.
SBI has about 16,500 branches with 191 offices spread across 36 countries. The merger may also mean SBI will rank 45th globally in terms of asset size.