Board of State Bank of Mysore accords in-principle approval

For acquisition of its business by State Bank of India

State Bank of Mysore has informed BSE that in-principle approval of the Board of Directors of the Bank accorded to enter into negotiation with State Bank of India for acquisition of the business including assets and liabilities of State Bank of Mysore by State Bank of India.

While the decision is purely exploratory at this stage and there is no certainty in relation to completion of the acquisition, the Bank as a matter of good corporate governance, to ensure complete transparency, are intimating this decision to the Exchange. No decision has been taken at this stage approving acquisitions and the same will be taken by the Bank's Board upon evaluating all relevant considerations, including pursuant to discussions with relevant stakeholders, upon and subject to receipt of requisite sanctions from appropriate authority.

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