Business Mantra: Faridabad
- India’s largest bank State Bank of India (SBI) has approved merger of operations with 6 banks.
- State Bank of Travancore (SBT), State Bank of Bikaner & Jaipur, (SBBJ), State Bank of Hyderabad (SBH), State Bank of Patiala (SBOP), State Bank of Mysore (SBM), and Bhartiya Mahila Bank (BMB) will now get merged with SBI.
- Till date this is largest consolidation of banks in India.
- Now SBI will issue its shares to shareholders of other banks in the following ratio:-
For 10 shares of SBBJ = 28 shares of SBI
For 10 SBT = 22 shares of SBI
For 10 SBM = 22 shares of SBI
- State bank’s asset base and business size will now get many fold jump.