With the ‘six way mega merger’, State bank of India has become the 45th largest bank in the world. The merger of SBI with five of its associate banks – State bank of Bikaner And Jaipur, State bank of Hyderabad, State bank of Mysore, State bank of Patiala, and State bank of Travancore along with Bhartiya Mahila Bank reached the global top 50 banks as effective from April 1.
SBI among World’s Top 50 Banks
It has entered the list of top 50 in terms of assets. After the merger, the customer base of the bank is expected to increase and reach 370 million, with the branch network of around 24,000 and 59,000 ATMs in the entire country employing 2,70,000 number of employees. The deposit base of the merged entity is estimated to be more than ₹26 lakh crore and advance level of ₹18.50 lakh crore.
Post-merger, all the customers of associate banks will enjoy the benefits of a wide array of digital products and services offered by the State Bank of India.
SBI will relocate some of the branches and close some overlapping branches to optimize the operation and improve the profitability.
“We welcome the customers, employees and all other stakeholders of Associate Banks and Bharatiya Mahila Bank (BMB) to the SBI fold. The bank will strive to conclude the transition process within a quarter. The combined entity will enhance the productivity, mitigate geographical risks, increase operational efficiency and drive synergies across multiple dimensions while ensuring increased levels of customer delight,” Arundhati Bhattacharya, Chairman, SBI said.