Taking forward the consolidation agenda, State Bank of India (SBI) may merge its five associate banks and Bharatiya Mahila Bank (BMB) with itself to emerge as a financial behemoth, with assets worth Rs 37 lakh crore ($550 billion).
Its five associates are State Bank of Bikaner & Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). BMP, started in 2013, is a Delhi-based public sector lender. SBI chairman Arundhati Bhattacharya said it was a good move and would consolidate the group. “Besides making us more efficient, it will be of huge value. The group will have the benefit of all synergies. Also, the associate banks have fixed assets of around Rs 4,000 crore, which will add to the capital,” said Bhattacharya.