SBI says merger of units not under active consideration

MUMBAI Wed Jun 11, 2014 5:07pm IST

A security personnel stands guard in front of the gate of the State Bank of India (SBI) regional office in Kolkata May 23, 2014. REUTERS/Rupak de Chowdhuri/Files

A security personnel stands guard in front of the gate of the State Bank of India (SBI) regional office in Kolkata May 23, 2014.

Credit: Reuters/Rupak de Chowdhuri/Files

Related Topics

Stocks

   

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)

FILED UNDER:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Oil resumes slide after brief rebound on short-covering.  Full Article 

Space Programme

Space Programme

ISRO tests its heaviest space launch vehicle, eyes global market   Full Article 

Coal India Strike

Coal India Strike

Coal India workers threaten five-day strike, stokes output worries  Full Article 

Gold Discount

Gold Discount

Dealers offer gold discount for first time in five months  Full Article 

Lakhvi Granted Bail

Lakhvi Granted Bail

Pakistan court bails man accused of masterminding Mumbai attack  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage