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SBI chairman favours merger of remaining five associates

The country's largest lender, State of India, on Friday said there is a strong case for merging five of its associates with itself.

twitter-logo PTI   Indore     Last Updated: September 20, 2010  | 11:06 IST

The country's largest lender, State of India, on Friday said there is a strong case for merging five of its associates with itself.

"The remaining associate five banks are not at all hesitating in merger. They are very eager for it," State Bank Chairman O P Bhatt told reporters after a meeting of SBI Board of Directors.

SBI has already merged State Bank of Indore and State Bank of Saurashtra with itself.

Bhatt said the merger of the remaining banks is a part of definite process and for this they have to take a formal permission from the government. It will take at least four-five years, he added.

He said the merger is beneficial for both employees as well as customers.

To a question on any move for acquiring private banks, he said SBI is not considering any such proposal. In a lighter vein he said first let SBI merge happily with its associates.

Bhatt also inaugurated a museum established in the city to make memories associated with the State Bank of Indore permanent.

The Indore Bank was originally established by Holkars in 1920.

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