State Bank of India(SBI) will be merging its five associate banks with itself
from April 1 to become the 45th largest bank in the world.
The five associate banks are State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.
It is estimated that after the merger, SBI will have a combined balance sheet size of Rs41 lakh crore, with 22,500 branches and 58,000 ATMs servicing over 50 crore customers.
Note
Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) on Saturday, catapulting the country's largest lender to among the top 50 banks in the world.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement.
"With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value," SBI said.
With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added.
The five associate banks are State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.
It is estimated that after the merger, SBI will have a combined balance sheet size of Rs41 lakh crore, with 22,500 branches and 58,000 ATMs servicing over 50 crore customers.
Note
Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) on Saturday, catapulting the country's largest lender to among the top 50 banks in the world.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement.
"With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value," SBI said.
With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added.
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