SBI to merge 7 associate banks in 2 yrs

Purwar said the seven associate banks were already working in co-ordination for treasury function and infotech platform which would help to work as virtually integrated entity. The seven banks are: State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner and Jaipur, State Bank of Indore, State Bank of Saurashtra, State Bank of Mysore, and State Bank of Patiala.

On the bank’s 200th birthday last Saturday, both Finance Minister P. Chidambaram and Prime Minister Manmohan Singh advised SBI to look beyond Indian shores to grow and emerge as one of world’s top 50 banks. ‘‘SBI has the staff, the leadership, the brand equity and all other characteristics required to emerge as one of the world’s top banks,’’ the PM said.

Purwar said five years later there could be one bank, an entity formed through merger of associate banks. This could happen even before, in about two years, he added after inaugurating the local head office of SBI. The government would have to put in place facilitating legal environment for consolidation, he said.