|
|
Article: STATE BANK OF INDIA PROPOSES TO ACQUIRE STATE BANK OF INDORE.
- Article from:
- AsiaPulse News
- Article date:
- June 22, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. 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)
|
MUMBAI, June 22 Asia Pulse - Within days of Indian Finance Minister Pranab Mukherjee nudging the banks to go in for consolidation, the banking behemoth State Bank of India (SBI) (BSE:500112) on Friday announced its plans to merge with another associate, State Bank of Indore, a development that will reduce the number of SBI associate banks to five.
SBI, which has informed the Bombay Stock Exchange about its proposal to acquire Indore-based associate bank, had earlier in August 2008 merged State Bank of Saurashtra with itself.
State Bank initially had seven associates and with the merger of State Bank of Indore, the number would come down to five. State ...