Union Cabinet approves merger of Five associate banks with SBI
The Union Cabinet has approved
the merger of five associate banks with SBI (State Bank of India), including State
Bank of Bikaner and Jaipur, State Bank of Hyderabad, State bank of Patiala,
State bank of Mysore and State Bank of Travancore.
The Proposed merger will create
one of the largest lender of Asia and to
among the top 50 global lender for the first time. The Merger proposal was
announced in May 2016 and was scheduled for March 2017. This is the first move
to consolidate the country’s struggling Public sector Bank.
Gvt Statement – “The merger is likely to result in
recurring savings, estimated at more than Rs 1,000 crore in the initial year,
through a combination of enhanced operational efficiency and reduced cost of
funds,”.
State bank of India also boast
of 22,500 branches and 58,000 ATMs post-merger. It has about 16,500 branches
which includes 191 branches across world.
No comments:
Post a Comment