State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement.
With this merger, the bank will join the league of top 50 banks globally in terms of assets. The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
The merged entity will have a deposit base of more than Rs 26 lakh crore and advances level of Rs 18.50 lakh crore. Welcoming all the stakeholders of merged entities, SBI Chairman Arundhati Bhattacharya said the bank will strive to conclude the transition process within a quarter.
Post merger, the bank will rationalise its branch network by relocating some of the branches to maximise reach. This will help the bank optimise its operations and improve profitability, she said.
Integration of treasuries of the associate banks with the treasury of SBI will bring in substantial cost saving and synergy in treasury operations, she added.
The government had in February approved the merger of these five associate banks with SBI. Later in March, the Cabinet approved merger of BMB as well. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.