SBI begins work merger of subsidiaries

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

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.

HT Image