SBI board approves merger of 3 associate banks and BMBL

New Delhi, Aug 18 (PTI) State Bank of India’s boardtoday approved merger of three associate lenders and BharatiyaMahila Bank (BMBL) with SBI, a move which will make the stateowned lender a bank of global size. "The central board of directors of SBI has accorded theirapproval to the scheme of acquisition of the State Bank ofBikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), StateBank of Travancore (SBT) and Bharatiya Mahila Bank Limited (BMBL) by the State Bank of India," SBI said in a BSE filingtoday. The proposal does not include merger of State Bank ofPatiala and State Bank of Hyderabad with SBI. As per the merger proposal, SBBJ shareholders will get 28shares of SBI (Rs 1 each) for every 10 shares (Rs 10 each).Similarly, SBM and SBT shareholders will get 22 sharesof SBI for every 10 shares. In the case of Bharatiya Mahila Bank, 4,42,31,510 sharesof SBI will be swapped for every 100 crore of Rs 10 each. Last month, the Union Cabinet had cleared merger of allthe five associate banks of SBI with the parent andacquisition of BMBL. MORE BKS NKD CSARD