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SBI to push for mergers of associate banks

SBI to push for mergers of associate banks
PTI
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First Published: Tue, May 19 2009. 03 53 PM IST
Updated: Tue, May 19 2009. 03 53 PM IST
Mumbai: After merging State Bank of Saurashtra, India’s largest lender State Bank of India might soon start the process of integrating its remaining associates, beginning with two large ones -- State Bank of Patiala and State Bank of Hyderabad.
According to the roadmap set by State Bank, all its associates will merge with the parent entity “as quickly as possible” to make SBI one of the top 25-30 banks in the world.
With the return of the Congress-led UPA to power, without the crutches of the Left and other difficult allies, SBI expects banking reforms to move forward, a top SBI source told PTI.
“The merger-process of State Bank of Saurashtra has already happened and the roadmap is to complete the consolidation process in the shortest possible period,” the source said, adding that it could begin with State Bank of Patiala and State Bank of Hyderabad.
Once the new government extends permission for mergers, the process could happen in the immediate future, the source said. “It will be more feasible now,” the source said.
The Patiala and Hyderabad subsidiaries, which are wholly owned by the parent bank, had clocked impressive results in the last financial year. These two subsidiaries are quite large and SBH is now virtually of the size of Canara Bank.
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First Published: Tue, May 19 2009. 03 53 PM IST