The State Bank of India has merged its five Associate Banks - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore besides Bharatiya Mahila Bank - with itself with effect from April 1.
With this six-way mega merger, the SBI has joined the league of top 50 banks globally in terms of assets.
The total customer base of the bank is now expected to reach 370 million 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 18.50 lakh crore.
Post merger, all customers of Associate Banks will enjoy the benefits of a wide array of digital products and services offered by the SBI.
"We welcome the customers, employees and all other stakeholders of Associate Banks and Bharatiya Mahila Bank (BMB) to the SBI fold. 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," Arundhati Bhattacharya, Chairman, SBI said.