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Post merger with five associates, SBI opens as one bank from today

Having merged with five associate banks, the State Bank of India today opened as one bank with 500 million customers.
India TV Business Desk New Delhi April 03, 2017 11:49 IST
India TV Business Desk

Having merged with five associate banks, the State Bank of India today opened as one bank with 500 million customers.

The announcement was made by SBI Chairperson Arundhati Bhattacharya who said that the bank has started normal operations and added that it will continue to operate in the same manner as it did before its merger with associate banks.

The five associate banks which merged with the SBI are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank Of Hyderabad, State Bank of Mysore and State Bank of Travancore.

"The SBI opened as 'one bank' today (Monday) and will continue to operate in the same manner as before post-merger," Bhattacharya told the media.

The treasuries of the SBI and associates have also been completely integrated and have now started work as a single entity, she added.

The merger has catapulted SBI among the top ranking 50 banks in the world in terms of assets.

(With IANS inputs)