State Bank of India will merge five of its associate banks with itself from April 2017. It is the (SBI) largest consolidation exercise in the banking history of India.
SBI has five associate lenders are State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. Among the associate banks, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed.
With the merger of all the five associates, the SBI is expected to become a leader of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
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