Competition Commission of India in Nov 2016 approved the merger of Bhartiya Mahila Bank Ltd with the largest lender of India, SBI.
The combination is through amalgamation whereby BMBL and its assets and liabilities will be acquired by SBI.
While SBI has international presence including offices in 27nations, BMBL is a fledgling bank set up in Nov 2013.
For BMBL, 44231510 shares of SBI will be swapped for every 100 crore shares of face value of INR 10 each.
Post merger, the six entitles added including BMBL, will add INR 8 lakh crore to assets of SBI.
SBI-BBML mergerOn 17th May, 2016, SBI informed BSE it was seeking acquisition of 5 subsidiaries and BMBL, namely:
1. State Bank of Bikaner and Jaipur
2. State Bank of Hyderabad
3. State Bank of Mysore
4. State Bank of Patiala
5. State Bank of Travancore
- 2008, SBI first merged associate State Bank of Saurashtra
- 2010, State Bank of Indore was merged.
- The SBI board cleared merger with 5 associate banks and BMBL with itself in August 2016.
