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SBI’s board of directors has approved merger of its five associate banks and Bharatiya Mahila Bank

The State Bank of India (SBI) board on 18 August 2016 approved merger of its five associate banks and Bharatiya Mahila Bank (BMB) with itself.
Apart from the BMB, the 5 associate banks that will be merged with the SBI are -
i.    State Bank of Bikaner and Jaipur
ii.    State Bank of Hyderabad
iii.    State Bank of Mysore
iv.    State Bank of Patiala
v.    State Bank of Travancore
•    Further, the board also finalised the share swap ratio for three of the listed subsidiaries and Bharatiya Mahila Bank.
•    The listed subsidiaries of the SBI are - State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore.
•    The merger will create a behemoth with an asset base of 37 lakh crore rupees or over 555 billion US dollar.
•    The merged entity will have 22500 branches and 58000 ATMs serving a customer base of over 50 crore.
•    SBI has close to 16500 branches, including 191 foreign offices across 36 countries while the five subsidiaries have nearly 6000 branches. 
 

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