MUCH TALKED MERGER OF BANKS APPROVED BY SBI

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.