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गुरुवार, जुलाई 15, 2010

State Bank of Indore, SBI merger

The Cabinet on Thursday approved acquisition of State Bank of Indore by the State Bank of India and also gave its approval to introduce a Bill in the Parliament for making amendments in the State Bank of India (Subsidiary Banks) Act, 1959, to remove references of State Bank of Indore.

After the merger of State Bank of Saurashtra with SBI in 2008, the issue of acquisition of the bank's other associate banks has been engaging the attention of SBI. The bank is facing a situation where most of its branches and those of State Bank of Indore are competing for the same business in the same market, under the same brand.

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