A PYMNTS Company

India: State Bank of India to absorb all subsidiaries over next decade

By  |  August 19, 2013
India: State Bank of India to absorb all subsidiaries over next decade

The State Bank of India announced plans to merge all of its subsidiaries into itself over the next decade, though media reports did not provide an explanation for this decision. SBI chairman Pratip Chaudhuri made the announcement and outlined plans for the bank to absorb on of its subsidiaries every two years; the bank has five state bank units. Chaudhuri said there are tactical issues that will be addressed with each merger, for example the establishment of local head offices to oversee the thousands of branches that will come until the SBI conglomerate.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: The Hindu Business Line

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.