Cabinet approves SBI's planned takeover of subsidiary banks

The Union Cabinet on Wednesday approved the the proposal of SBI to merge its five associate banks with itself and acquire Bharatiya Mahila Bank.

Last Updated: Jun 15, 2016, 17:43 PM IST
Cabinet approves SBI's planned takeover of subsidiary banks

Zee Media Bureau

New Delhi: The Union Cabinet on Wednesday approved the the proposal of SBI to merge its five associate banks with itself and acquire Bharatiya Mahila Bank.

Last month, SBI Board had submitted a proposal to the government for merging its five subsidiaries and first women-oriented lender Bhartiya Mahila Bank with itself.

"This merger discussion is purely exploratory at this stage and is not certain. A proposal seeking an in-principle approval to start negotiations with associate banks will be submitted to the government," SBI had said in a statement issued after its board meeting last month.

 

SBI has 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.