Five associate banks to merge with State Bank of India from April 1

The five associate banks are State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.

New Delhi: Five associate banks, including SBBJ will merge with parent State Bank of India from April 1.

On February 16, the Cabinet gave its final approval to merger of SBI and its five associates - State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.

Post-merger, the combined entity will have 23,899 branches and employee strength of 2,71,765.

On the balance sheet size, she said that as of December, consolidated deposits were a little over Rs 2,604,473 crore (Rs 26.04 trillion) and advances stood at Rs 18,76,727 crore (Rs 18.76 trillion). The consolidated balancesheet stood at Rs 32,18,498 crore (Rs 32.18 trillion).

The merger was announced last May and the central board of the bank approved the proposal in August along with the share swap ratio.

With PTI Inputs