Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) on Saturday, catapulting the country’s largest lender to among the top 50 banks in the world. SBBJ, SBH, SBM, SBP and SBT, besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement.
“With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value,” SBI said. With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added. The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
The merged entity will have a deposit base of more than Rs 26 lakh crore and advances level of Rs18.50 lakh crore. Welcoming all the stakeholders of merged entities, SBI Chairman Arundhati Bhattacharya said 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,” she said.