SBI begins work merger of subsidiaries

  • PTI
  • Updated: Jun 13, 2016 06:31 IST

MUMBAI: India’s largest lender, State Bank of India (SBI), has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as political opposition to the proposed move gains ground, and the merger awaits government approval. “A team of 15-20 members has been set up and it has started working on the framework. The team is headed by a general manager and there are a few deputy general managers,” a source said.

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