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
- Wall Street finally turning on Amazon as Bezos magic fades
- Thousands raised to buy car for Pennsylvania sniper's lookalike
- WHO vaccines boss signs up as Ebola trial guinea pig
- Two dead, four wounded after student opens fire at Washington state school
- UPDATE 10-Two U.S. states to quarantine health workers returning from Ebola zones
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article