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Article: STATE BANK OF INDIA RULES OUT PHYSICAL MERGER WITH ASSOCIATE BANKS.
- Article from:
- AsiaPulse News
- Article date:
- March 22, 2005
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INDORE, March 22 Asia Pulse - State Bank of India (BSE:500112) today ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
"Consolidation is the need of the hour as number of banks are not able to invest on technology upgradation, business process and new products. Virtual merger is going on in the form of technology and treasury integration but legal merger will take a long time," SBI Chairman A K Purwar said.
SBI, apart from its own network of 10,000 branches, has seven associates -- State Bank of Patiala, State Bank of Indore, State Bank of Bikaner and Jaipur, State Bank of ...