State Bank of India seeks 'in principle sanction' from Central Govt.

To acquire businesses of 5 subsidiaries and Bhartiya Mahila Bank

State Bank of India announced that SBI is seeking "in principle sanction" of the Central Government to enter into negotiation with the subsidiary banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank to acquire their businesses including assets and liabilities. While the decision is purely exploratory at this stage and there is no certainty in relation to our completing the acquisitions, the Bank, as a matter of good corporate governance to ensure complete transparency, are intimating this decision.

No decision has been taken at this stage approving one or more of the aforesaid acquisitions and the same will be taken by the Bank's Board upon evaluating all the relevant considerations, including pursuant to discussions with relevant stakeholders, upon and subject to receipt of sanction from Central Government under section 35(1) of State Bank of India Act 1955.

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