Technoglitch
Core Member
State Bank of India said on Saturday the ongoing mergerof five of its associate banks and Bharatiya Mahila Bank will add Rs 8 trillion or $120 billion to its assets and will create a banking behemoth with global scale.
The bank also said the merger of State Banks of Bikaner & Jaipur (SBBJ), Travancore (SBT), Patiala (SBP), Hyderabad (SBH) and Mysore (SBM), and also of Bhartiya Mahila Bank, a bank for women set up in November 2013, will lead to a 36 per cent increase in the SBI's total assets at Rs 30 trillion or about $447 billion.
The mergers will dwarf ICICI Bank assets to just one-fourth of SBI and will also catapult the bank into the top 50 banks globally, the bank said.
The combined entity will have network of over 24,000 branches with 2,70,000 employees and 58,000 ATMs serving serving over 50 crore customers.
This Thursday, the board of SBI had cleared the merge plan and had finalised the share swap agreement under which an SBBJ shareholder will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each).
Merger to add $120 bn to asset base: SBI | Business Standard News
The bank also said the merger of State Banks of Bikaner & Jaipur (SBBJ), Travancore (SBT), Patiala (SBP), Hyderabad (SBH) and Mysore (SBM), and also of Bhartiya Mahila Bank, a bank for women set up in November 2013, will lead to a 36 per cent increase in the SBI's total assets at Rs 30 trillion or about $447 billion.
The mergers will dwarf ICICI Bank assets to just one-fourth of SBI and will also catapult the bank into the top 50 banks globally, the bank said.
The combined entity will have network of over 24,000 branches with 2,70,000 employees and 58,000 ATMs serving serving over 50 crore customers.
This Thursday, the board of SBI had cleared the merge plan and had finalised the share swap agreement under which an SBBJ shareholder will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each).
Merger to add $120 bn to asset base: SBI | Business Standard News
