State Bank of India to combine with its assoicate banks
State Bank of India (SBI) is said to associate with its five other banks. Associate banks are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Hyderabad (SBH) and State Bank of Patiala (SBP).
Its said that the government has issued up notification on 22nd Feburary 2017 that all shares of assoicate banks to cease to exist as individual entities and stand transferred to SBI. As per reports, SBI is all set to the top 50 large banks in world. SBI was said to be ranked 52nd in world terms of assets in 2015 and a merger to break into top 50.
Notification stated that case of SBH and SBP are listed on stock exchanges, entire share capital without any further act, instrumentm deed, stand cancelled. Chairperson of SBI Arundhati Bhattacharya stated that the next action is to swap of shares for all shareholders of assoicate banks. Time required is about 30 days. After audit on all banks completed on 31st March, its stated to begin the granular merging of each bank. By May end the process of merge to be at a granular level. About a month or two, all will be complete in rebranding of all branches.