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SBI board okays merger plan
Moving a step closer to the creation of a global-sized bank with assets worth over Rs 37 lakh crore, the State Bank of India (SBI) board on Thursday approved the merger of its five associate banks and Bharatiya Mahila Bank (BMB) with itself.
Mumbai: Moving a step closer to the creation of a global-sized bank with assets worth over Rs 37 lakh crore, the State Bank of India (SBI) board on Thursday approved the merger of its five associate banks and Bharatiya Mahila Bank (BMB) with itself.
It also finalised the share swap ratio for three of the listed subsidiaries and BMB. “The central board of directors today approved the merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and BMB,” the country’s largest lender said in a regulatory filing.
“The share swap ratio is favourable to minority shareholders. We are confident that the ratio would be largely acceptable to all shareholders,” said SBI Deputy Managing Director Neeraj Vyas, who is in-charge of associates and subsidiaries. The board also approved the merger of two unlisted associate banks, State Bank of Patiala and State Bank of Hyderabad, with the parent, Vyas said. The two unlisted subsidiaries are fully owned by SBI.
The proposal also said Whole-time Directors, including Managing Directors, will cease to hold office once the board of directors stand dissolved. After the merger, all assets and liabilities will be transferred to the acquiring bank.
As per the merger proposal, SBBJ shareholders will get 28 shares of SBI (Rs 1 each) for every 10 shares (Rs 10 each). Similarly, SBM and SBT shareholders will get 22 shares each of SBI for every 10 shares they hold. In the case of BMB, 44,231,510 shares of SBI will be swapped for every 100 crore of BMB shares having a face value of Rs 10.
