5 associates merge with SBI to make it among top 50 banks in world

New Delhi, April 1 : Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) on Friday, catapulting the country’s largest lender to among the top 50 banks in the world.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with the SBI with effect from April 1, the bank said in a statement.
“With this six-way mega merger, the SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value,” the SBI said.
With this merger, the bank would join the league of top 50 banks globally in terms of assets, it added.
The total customer base of the bank will reach 37 crore 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 Rs 18.5 lakh crore.
Welcoming all stakeholders of merged entities, SBI Chairman Arundhati Bhattacharya said the bank would strive to conclude the transition process within a quarter.