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Merger of associate banks can start by Sept: SBI chief
State Bank of India on Friday said the proposed merger of its five associate banks with itself could start by September after a high-powered committee submits its report on the same.
The high-powered committee headed by SBI managing director S Vishwanathan would furnish its report by July-August, and later based on the report the merger process could start by September, SBI chairman Pratip Choudhuri told reporters. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore would be the target associate banks for merger, Chaudhuri said.
Out of five associate banks, three are listed, and two are in the direct ownership of SBI, he said, adding "we would take non-discriminatory way to decide and choose merger of any of the five associate banks. It would be a long process that would take employees' confidence and participation".
SBI's capital was not so strong earlier, but with the March's balance sheet the capital became very strong and for merger there should be a cash of Rs 1,000-3000 crore, he said. SBI did first ever amalgamation of its associate State Bank of Saurashtra in 2008 followed by State Bank of Indore in August 2010.
PTI
