SBI approves merger with associate banks; 8 things you should know
1) This is the first ever large-scale consolidation in the Indian banking industry.
2) The merger will create a banking behemoth with an asset book of Rs 37 lakh crore.
3) SBI will give 28 of its shares for every 10 shares held of State Bank of BikanerBSE 3.75 % and Jaipur.
4) It will give 22 of its shares for every 10 shares held of State Bank of Mysore.
5) The lender will give 22 of its own shares for every 10 shares held of State Bank of Travancore.
6) SBI will give 4,42,31,510 shares with face value of Re. 1 for every 100 crore equity shares of Bhartiya Mahila Bank.
7) The merger will see SBI's ranking approve in the Bloomberg's largest bank by asset ranking. It may well break through the 50-mark in the ranking.
8) SBI's asset base will now be five times larger than the second-largest Indian bank, ICICI BankBSE 2.02 %.
2) The merger will create a banking behemoth with an asset book of Rs 37 lakh crore.
3) SBI will give 28 of its shares for every 10 shares held of State Bank of BikanerBSE 3.75 % and Jaipur.
4) It will give 22 of its shares for every 10 shares held of State Bank of Mysore.
5) The lender will give 22 of its own shares for every 10 shares held of State Bank of Travancore.
6) SBI will give 4,42,31,510 shares with face value of Re. 1 for every 100 crore equity shares of Bhartiya Mahila Bank.
7) The merger will see SBI's ranking approve in the Bloomberg's largest bank by asset ranking. It may well break through the 50-mark in the ranking.
8) SBI's asset base will now be five times larger than the second-largest Indian bank, ICICI BankBSE 2.02 %.
Source: ET