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SBI-Bharatiya Mahila Bank merger gets competition commission nod

In August, the board of SBI cleared the merger of Bharatiya Mahila Bank and that of five associate lenders with itself

Press Trust of India  |  New Delhi 

SBI-Bharatiya Mahila Bank merger gets competition commission nod

Competition Commission has approved the of with the country's largest lender State Bank of India (SBI).

In August, the board of cleared the of Ltd (BMBL) and that of five associate lenders with itself.

The amalgamation of with has been approved, (CCI) website showed.

As per the summary of the deal, the combination is in the form of amalgamation whereby the business of BMBL, including its assets and liabilities, will be acquired by SBI.

While has global presence, including offices in 37 countries, is a nascent bank set up in November 2013.

"Both the banks offer various banking products to their retail and corporate customers. However, while has made deep inroads into the interiors of the country, has only a token presence with 4-5 branches in each state," the summary said.

In the case of BMBL, 4,42,31,510 shares of would be swapped for every 100 crore shares of face value of Rs 10 each.

Besides, is to merge five associate lenders — State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) — with itself.

Post of the six entities, including BMBL, the consolidated entity will add Rs 8 lakh crore (about $120 billion) to SBI's assets.

The banking behemoth will have a network of more than 24,000 branches, 2,70,000 employees and total assets of Rs 30 lakh crore.

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SBI-Bharatiya Mahila Bank merger gets competition commission nod

In August, the board of SBI cleared the merger of Bharatiya Mahila Bank and that of five associate lenders with itself

In August, the board of SBI cleared the merger of Bharatiya Mahila Bank and that of five associate lenders with itself
Competition Commission has approved the of with the country's largest lender State Bank of India (SBI).

In August, the board of cleared the of Ltd (BMBL) and that of five associate lenders with itself.

The amalgamation of with has been approved, (CCI) website showed.

As per the summary of the deal, the combination is in the form of amalgamation whereby the business of BMBL, including its assets and liabilities, will be acquired by SBI.

While has global presence, including offices in 37 countries, is a nascent bank set up in November 2013.

"Both the banks offer various banking products to their retail and corporate customers. However, while has made deep inroads into the interiors of the country, has only a token presence with 4-5 branches in each state," the summary said.

In the case of BMBL, 4,42,31,510 shares of would be swapped for every 100 crore shares of face value of Rs 10 each.

Besides, is to merge five associate lenders — State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) — with itself.

Post of the six entities, including BMBL, the consolidated entity will add Rs 8 lakh crore (about $120 billion) to SBI's assets.

The banking behemoth will have a network of more than 24,000 branches, 2,70,000 employees and total assets of Rs 30 lakh crore.
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Business Standard
177 22

SBI-Bharatiya Mahila Bank merger gets competition commission nod

In August, the board of SBI cleared the merger of Bharatiya Mahila Bank and that of five associate lenders with itself

Competition Commission has approved the of with the country's largest lender State Bank of India (SBI).

In August, the board of cleared the of Ltd (BMBL) and that of five associate lenders with itself.

The amalgamation of with has been approved, (CCI) website showed.

As per the summary of the deal, the combination is in the form of amalgamation whereby the business of BMBL, including its assets and liabilities, will be acquired by SBI.

While has global presence, including offices in 37 countries, is a nascent bank set up in November 2013.

"Both the banks offer various banking products to their retail and corporate customers. However, while has made deep inroads into the interiors of the country, has only a token presence with 4-5 branches in each state," the summary said.

In the case of BMBL, 4,42,31,510 shares of would be swapped for every 100 crore shares of face value of Rs 10 each.

Besides, is to merge five associate lenders — State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) — with itself.

Post of the six entities, including BMBL, the consolidated entity will add Rs 8 lakh crore (about $120 billion) to SBI's assets.

The banking behemoth will have a network of more than 24,000 branches, 2,70,000 employees and total assets of Rs 30 lakh crore.

image
Business Standard
177 22

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