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Merger with associate banks to add Rs. 8 lakh crore to asset: SBI

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State Bank of India on Saturday said the ongoing merger of five of its associate banks and Bharatiya Mahila Bank will add Rs. 8 lakh crore or 120 billion dollar to its assets and will create a banking behemoth of global scale.
The bank also said the merger of State Banks of Bikaner and Jaipur, Travancore, Patiala, Hyderabad and Mysore, and also of Bhartiya Mahila Bank, a bank for women set up in November 2013, will lead to a 36 per cent increase in the SBI’s total assets at about 447 billion dollar.
The bank said, mergers will dwarf ICICI Bank assets to just one-fourth of SBI and will also catapult the bank into the top 50 banks globally.
The combined entity will have network of over 24,000 branches with 2,70,000 employees and 58,000 ATMs serving over 50 crore customers.
This Thursday, the board of SBI had cleared the merge plan, and last month, the Cabinet had cleared the merger plan.

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