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Article: SBI- State Bank of Indore merger okayed.

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Mail Today (New Delhi, India)
Article date:
November 2, 2009
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STATE Bank of Indore will get merged with its parent State Bank of India ( SBI) soon. The SBI board, which met on Saturday, approved a swap ratio of 34 SBI shares for every 100 shares of State Bank of Indore.

" In today's meeting, the board approved the swap ratio for merger of State Bank of Indore with SBI," said O. P. Bhatt, chairman of SBI, after announcing SBI's results on Saturday.

This is the second subsidiary to be merged with SBI. As part of consolidating its operations, SBI had merged the State Bank of Saurashtra with itself last fiscal.

The Union finance ministry had approved the merger proposal on October 8.

Bhatt said, " ...

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