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Article: State Bank of Saurashtra to be merged with SBI.
- Article from:
- Economic Times (New Delhi, India)
- Article date:
- August 26, 2007
CopyrightCOPYRIGHT 2007 The Economic Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Aug. 26--KOLKATA/MUMBAI, India -- The State Bank of India (SBI) has just decided to merge its wholly-owned associate bank, State Bank of Saurashtra (SBS), with itself. The boards of both banks on Saturday approved the merger proposal at their respective board meetings, which were held in Mumbai on Saturday. The move will doubtless be tracked by SBI's principal rival and the country's largest private sector bank, ICICI Bank.
Confirming the developments, SBI managing director T S Bhattacharya told ET: "The SBI board on Saturday moved a resolution to merge State Bank of Saurashtra (SBS) into SBI." ET could not get an official response from SBS despite repeated ...