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SBI to merge with associates from April 1

Fri 24 Feb 2017, 10:36:29
All the five associate banks will merge with State Bank of India, SBI, from the first of April. The bank said in a regulatory filing that the assets of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad will be transfered to SBI on that date.
With the merger of all the five



associates, SBI is expected to become a lender of global proportions with an asset base of 37 lakh crore rupees, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
Officers and employees, with the exception of the board of directors and executive trustees of the associate banks, will become employees of SBI following the merger.

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