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Moneycontrol.com >> Message Board >> View Messages >> SBI
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SBI--SBS merger is on cards (1)   25-Jul-08 02:48Tracked by (0)  
Posted by:   Leave it. on ( 25-Jul-08 02:48 )
Price : BSE: Rs 1478.35 ( -4.24 % ), NSE: Rs. 1478.80 ( -4.18 % )
Cabinet okays SBI, State Bank of Saurashtra merger--- Business line reports today. An extract is given below for immediate attention. Perhaps can it be the reason for the CMP of SBI to move down in yesterday trading?

With the Left parties no longer in the picture and new allies coming into its fold, the UPA Government has been encouraged to take a legislative route to facilitate State Bank of India’s (SBI) acquisition of State Bank of Saurashtra (SBS)
The Union Cabinet on Thursday gave its nod for issuing an order for the introduction of a Bill in Parliament for repealing the State Bank of Saurashtra Act, 1950.It will be called State Bank of India (Subsidiary Banks) Amendment Bill 2008. The boards of both the banks had earlier approved the proposal
“The merger of State Bank of Saurashtra with State Bank of India (SBI) would enable it to scale up in terms of footprint, manpower and other resources. It would also enable it to face competition arising from globalisation of the economy, apart from augmenting efficiency and enabling better management of risk”, Mr Priyaranjan Dasmunshi, told reporters here after the Cabinet meeting.

SBI unions have opposed the merger. The SBI-SBS transaction is an important test case in the consolidation efforts of the SBI group.
Our finance minister has started to act as quickly as possible. His next step may be to have subsidiaries are merged to form a single State Bank of India to look as big as possible in the eyes of the world. This step will lead to consolidate other PSU banks too and to allow tne FDI to have greater share in banking and Insurance.

It is certain that banking sector will have to face a change for a change of face.

V.Krishnamoorthy

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