State Bank to acquire State Bank of Indore

June 19th, 2009 - 9:55 pm ICT by IANS  

State Bank of India Mumbai, June 19 (IANS) The board of State Bank of India (SBI) has approved the acquisition of associate State Bank of Indore, the country’s largest lender said Friday.
“SBI has informed BSE (Bombay Stock Exchange) that the central board of the bank at its meeting held on June 19, has approved a proposal for acquisition of State Bank of Indore by State Bank of India, subject to approval by the Reserve Bank of India and the government of India,” SBI said in a regulatory statement.

Last week, SBI chairman O.P. Bhatt had said that once it got the go-ahead from the government, the acquisition process will not take more than three to six months.

State Bank of Saurashtra merged with SBI last August.

SBI now has five associate banks - State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.

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