Five associate banks to merge with State Bank of India from April 1
SBI will become a lender of global proportions post merger.
All the five associates will merge with State Bank of India from April 1, in the largest consolidation exercise in the banking history of India.
The assets of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) will be transfered to SBI from April 1, 2017, SBI said in a regulatory filing. With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 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.