Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit
 
 
« Mergers and Acquisitions »
 Deals of the day-Mergers and acquisitions june 20, 2017
 How new funding avenues, M&As are powering India’s renewable energy sector
 Finance Ministry asks PSBs to explore acquisition of smaller banks
 Bank of Baroda, Canara Bank may lead next round of mergers
  Deals of the day-Mergers and acquisitions June 13, 2017
 India’s booming stock market has a downside: It’s making M&As expensive, says BNP Paribas
 Cross border mergers make India favoured FDI route: UNCTAD
 BNP expects challenging 2017 for India M&A deals as stocks rally
 Why Gulf mergers and acquisitions are back on the rise
 Sebi issues listing norms for NCDs in mergers and acquisitions
 Indian chemical industry: Will M&A be a game changer?

SBI to merge State Bank of Indore
June, 22nd 2009

Buoyed by the success of the merger of State Bank of Saurashtra with itself, State Bank of India (SBI), the countrys largest bank, on Friday said that it would acquire another subsidiary, State Bank of Indore.

The proposal was approved by the SBI board on Friday, the bank said in a filing with stock exchanges. SBI holds a 98.05 per cent stake in State Bank of Indore, the smallest among its six associate banks.

SBIs latest move comes within a fortnight of Finance Minister Pranab Mukherjees green light to consolidation in the public sector banking space. While a lot of public sector banks have discussed such proposals informally, only SBI has been able to push ahead with mergers.

There are a lot of talks happening. We are talking to the boards (of associate banks). It (the speed of the merger) also depends on the managements of associate banks, SBI Chairman O P Bhatt said on the sidelines of the banks annual general meeting here on Friday.

Last year, SBI had appointed its former Deputy Managing Director Bharati Rao as the advisor for associate banks merger. The advisor has conducted talks with the boards of four associate banks, Bhatt said.

In August 2008, SBI had merged State Bank of Saurashtra with itself and the bank has said that the merger which was seen as a test case has happened without any glitch.

Apart from its six associate banks, SBI has 100 per cent stake in State Bank of Hyderabad and State Bank of Patiala. It is expected to take up the merger of its listed subsidiaries State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore later.

The merger of all associates of SBI will take the total assets of the combined entity to Rs 8,00,000 crore, making the lender a global financial powerhouse.

No plans to raise additional capital, says O P Bhatt

Pointing to comfortable capital adequacy, SBI Chairman O P Bhatt on Friday said that the countrys largest lender did not plan to raise additional capital through equity offering in the near future.

The bank has no plans for either rights issue in the domestic market or issue of American depository receipts (ADRs) /global depository receipts (GDRs) for international investors, Bhatt said, addressing shareholders at the banks annual general meeting on Friday.

The bank expected its capital adequacy to reach 14.5 per cent by June-end, he added. Referring to the banks net interest margin (NIM), he said that this year (2009-10) the NIM was expected to be below 2.7 per cent. Its margin slipped to 2.93 per cent in 2008-09 from 3.07 per cent in 2007-08.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions