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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.

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    Full Content: The Hindu Business Line

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