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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.
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.