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State Bank of India completes merger with 5 associate banks

State Bank of India completed its merger with five subsidiaries and Bharatiya Mahila Bank on April 1, the Press Trust of India reported the same day, citing a statement from the bank.

State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Patiala, State Bank of Mysore and State Bank of Travancore merged their operations with their parent bank.

The six-way merger has pushed State Bank of India to become one of the 50 largest banks in the world in terms of assets, the bank said. The merged entity's total deposit base will amount to more than 26 trillion rupees and its branch network will consist of around 24,000 units.

Following the merger, the bank will relocate some of its branches to maximize reach. The bank earlier said that it will close almost half of the offices of its five associate banks as part of the merger.

The bank aims to conclude the transition process within a quarter, said Chairman Arundhati Bhattacharya.

As of March 31, US$1 was equivalent to 64.86 Indian rupees.