Mumbai, Aug 18:
In a move that can potentially trigger a major consolidation in India’s state-run financial services space, the board of the State Bank of India (SBI) on Thursday approved the acquisition of four other entities in the industry subject to a host of approvals.
The entities are: State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and the Bharatiya Mahila Bank.
The news of this development came after the close of trading hours of Indian bourses.
In mid-June, the government gave an in-principle approval to the proposal for the merger of six banking entities with the country’s largest lender, which State Bank of India chairperson Arundhati Bhattacharya hailed as a “win-win” for all.
The other two banks that have not figured in Thursday’s list are: State Bank of Hyderabad and the State Bank of Patiala.