SBS merges with SBI

The State Bank of Saurashtra (SBS) Board has approved the merger of SBS into SBI in their meeting at Mumbai on October 20, 2007.

The board, however, stayed away from discussing any of the HR issues with the officers' associations though promised in the memorandum placed earlier.

At a meeting with representatives of the Officers' Organisations of Associate Banks' Officers', SBI Chairman O P Bhatt promised to discuss all HR-related issues before finalising SBS' merger with SBI and had desired to present a Model SBS Merger with SBI before the boards.

SBI denied any burden on it from the merger of SBS, adding the latter is bringing huge reserves, immovable properties with readymade well-established and stabilised CBS branch network, a release said.