State Bank of India (SBI) Country’s largest lender on Monday said it will consider merger of five associate banks in the second quarter of the fiscal.
“It is a collective decision. We have to consult the Government also. Maybe in July-August we will start working on this (amalgamation of associate banks),” SBI Chairman Pratip Chaudhuri said here.
“Economic logic for a merger is as strong as before we have merged the two associate banks, those banks have benefited, SBI has benefited, the country has benefited,” he said.
SBI did first ever amalgamation of its associate State Bank of Saurashtra in 2008 followed by State Bank of Indore in August 2010.
The country's largest lender has five associate banks -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.