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Friday, November 20, 2009

Centre puts SBI merger on hold

The State Bank of India chairman, Mr O.P. Bhatt, has been asked by the ministry of finance, department of financial services, to withhold the merger process of the State Bank of Indore with itself.
In a confidential letter to the SBI chairman dated October 8, (which is in the possession of this newspaper), the ministry said, “You are requested to kindly consider any further acquisition of the Associate Banks only after a view is crystallised on the subject by the government.”
The letter was in reply to the three letters sent in July, August and September by the SBI regarding its proposed acquisition of its associate banks. The finance ministry said that the government is presently “considering a comprehensive paper for taking a holistic view on consolidation in the public sector banks” and “on further mergers in the SBIgroup.”


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