SBI plans merger of 5 associate banks in next 12-18

months

Country's largest lender State Bank of India (SBI) plans consolidation of remaining five associate
banks with itself in the next 12-18 months.
"The bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to
18 months," Finance Ministry informed the Standing Committee on Finance.

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This was in response to a query on the stance of the government on merging the subsidiaries
with SBI raised by the Parliamentary panel headed by former Finance Minister Yashwant Sinha.
In the submission to the panel, SBI Chairman O P Bhatt said "there are five banks remaining. We
have representations from various associations, leaders etc from these five banks which want
these banks also to be merged with the State Bank of India simply because it is primarily good for
the employees in multiple ways".

Country's largest lender State Bank of India (SBI) plans consolidation of remaining five associate
banks with itself in the next 12-18 months.
"The bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to
18 months," the finance ministry informed the Standing Committee on Finance.

This was in response to a query on the stance of the government on merging the subsidiaries
with SBI raised by the Parliamentary panel headed by former Finance Minister Yashwant Sinha.

In the submission to the panel, SBI chairman OP Bhatt said, "There are five banks remaining.
We have representations from various associations, leaders etc from these banks which want
these banks also to be merged with the State Bank of India simply because it is primarily good
for the employees in multiple ways".
In the last two years, SBI merged two associates namely State Bank of Saurashtra and State
Bank of Indore. State Bank of Saurashtra amalgamation took place in August 2008 while State
Bank of Indore merged with the parent last year.

Following the merger, SBI will be left with five associate banks -- State Bank of Bikaner and
Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of
Hyderabad. Among these, the State Banks of Bikaner and Jaipur, Mysore and Travancore are
listed banks.

Read more at: http://profit.ndtv.com/news/show/sbi-associate-banks-to-merge-in-next-18-

months-142197?cp