The Historical Moment for SBI – India’s Largest Public Sector Bank!

The Historical Moment for SBI – India’s Largest Public Sector Bank!

 

On Saturday, April 1, 2017, SBI created a historical moment for Indian Banking Industry. A mega move by SBI, which merged 5 Associate banks and Bharatiya Mahila Bank with itself, emerges out as one bank and joined the coveted league of top 50 banks in the world.


5 Associate banks that merged with SBI are State Bank of Bikaner and Jaipur (SBBJ), State bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State bank of Travancore (SBT) with effect from April 1, 2017.

"With this six-way mega-merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value," SBI said. 


With the merger, the total customers will reach to 37 crore with 24,000 branches and 59,000 ATM across the country. The merged entity will have a deposit base of more than 26 Lakh Crore and advance level of 18.50 Lakh Crore.


State Bank of India Chairman, Arundhati Bhattacharya says “SBI has accomplished the Mars Mission in Banking in the last 48 Hours”.


“Post the merger, the bank will rationalize its branch network by relocating some of the branches to maximize reach. This will help the bank optimise its operations and improve profitability.” She added.


Source: Economics Times