Early August, the central board of SBI had approved the acquisition of all the five associate banks and Bharatiya Mahila Bank and finalised the swap ratios for the merger. Post which the merger can take place,” SBI chairman Arundhati Bhattacharya told PTI in an interview on Sunday. SBI has three listed associate banks—State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, and two unlisted associates—State Bank of Patiala and State Bank of Hyderabad. In the case of Bharatiya Mahila Bank, 4,42,31,510 shares of SBI will be swapped for every 100 crore of Rs.10. Two years later, State Bank of Indore was merged.

Source: Mint September 04, 2016 09:22 UTC