SBI says merger of units not under active consideration
MUMBAI (Reuters) - State Bank of India (SBI), the country's largest lender, said on Wednesday that a plan to merge associate banks with itself was not under active consideration and the state-owned bank could examine the option later.
SBI would merge five of its associate banks with itself in a move that will bolster its asset base, add more branches and raise market share, the Economic Times reported on Wednesday, citing the bank's Chairwoman, Arundhati Bhattacharya.
In a statement to the stock exchanges, SBI said no such proposal had been formally taken up for approval.
"While the bank has always had plans to consider merger of the associate banks, eventually ... the matter had not been under active consideration for quite some time," the statement said.
"Going forward, the bank may examine the merger options afresh, when considered appropriate, but preparation of a possible roadmap would take a few months."
(Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- UPDATE 2-China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Italy gives Google 18 months to change data use practices
- India to probe corruption in healthcare after TV sting
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan
Consumer Confidence Index
More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday. India overtook Indonesia as the most optimistic consumer market, while Portugal and Slovenia were the most pessimistic. Full Article
India keeps world guessing in countdown to landmark trade pact deadline. Full Article
Yahoo to buy analytics startup Flurry to bolster mobile ad business. Full Article