State Bank of India seeks to take over subsidiary banks | Reuters

MUMBAI State Bank of India said on Tuesday it is seeking to merge operations of five of its subsidiary banks with itself, marking the first move of consolidation in the nation's state-run banking sector. SBI, India's top lender by assets, said in a statement it was also planning to acquire state-run Bharatiya Mahila Bank, a lender targeted at women, and would seek the Indian government's approval to begin talks with the subsidiary banks.

Reuters May 17, 2016 18:51:20 IST
State Bank of India seeks to take over subsidiary banks
| Reuters

State Bank of India seeks to take over subsidiary banks
 Reuters

MUMBAI State Bank of India said on Tuesday it is seeking to merge operations of five of its subsidiary banks with itself, marking the first move of consolidation in the nation's state-run banking sector.

SBI, India's top lender by assets, said in a statement it was also planning to acquire state-run Bharatiya Mahila Bank, a lender targeted at women, and would seek the Indian government's approval to begin talks with the subsidiary banks.

Three of SBI's five subsidiary banks - State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore - are publicly traded.

(Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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