SBI to take over associate banks

State Bank of India said on Tuesday that it is seeking to merge operations of five of its subsidiary banks with itself, marking the first move of consolidation in the nation's state-run banking sector. SBI holds almost 100% stake in SBP and SBH. SBI has about 75% stake in the other three associate banks. These are listed on stock exchanges.

The boards of five associate banks – State Bank of Hyderabad, State Bank of Mysore and State Bank of Jaipur and Bikaner (SBBJ), State Bank of Hyderabad (SBH), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) – met in succession at SBI headquarters early in the day. SBI will also be taking over Bharatiya Mahila Bank.