India: Cabinet okays SBI merger with five associate banks

India: Cabinet okays SBI merger with five associate banks

State Bank of India. Photo: Pradeep Gaur/Mint

The cabinet on Wednesday approved the proposed merger of State Bank of India (SBI) and five subsidiaries—a combination that will create the first Indian lender to rank among the world’s top 50.

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) will merge with the country’s largest bank, widening the gap between SBI and the No. 2 lender, HDFC Bank Ltd.

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