With Cabinet’s approval of merger of PSBs, SBI may soon feature in the top 50 banks globally
| June 16, 2016
As the Cabinet approves the merger of State Bank of India and its five subsidiaries, and also the Bharatiya Mahila Bank (BMB), the largest public sector lender may soon see its name in the list of top 50 banks of the world. The five subsidiaries to be merged with SBI are: State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
Here’s a look at the enormity of the consolidation:
• With the merger, SBI would have a balance sheet reading a whooping Rs 37 lakh crore.
• Its customer base would increase to around 50 crore – more than one-third of the country’s population
• The bank may break the barrier of top-50 banks in the world. It was last seen at the 52nd spot in 2015.
• The combined employee strength of SBI and its associates, along with BMB, is around 3 lakh.
• The combined number of branches of banks, stepping into the merger, stand at nearly 21,000.
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