The State Bank of India (SBI) said that it would need Rs3000 crore to merge with one of its associate banks. SBI said that the merger with one of these banks would occur this year.
SBI Chairman Pratin Chaudhuri told the company's shareholders during the annual assembly that the bank will need Rs1000 to Rs3000 crore in capital if it were to merge with one of its associate banks. He also added that a committee would be set up to finalize the name of the firm after merger completed.
Chaudhuri added that the company is open to be a listed entity or unlisted one.
SBI has five associate banks. This includes State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Mysore and State Bank of Travancore.
Out of the five, State Bank of Hyderabad and State Bank of Patiala are unlisted. The rest are listed entities.
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