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Last Updated : Mar 08, 2016 01:32 PM IST | Source: CNBC-TV18

Committee to take view of consolidation: State Bank of Mysore

In an interview with CNBC-TV18, State Bank of Mysore MD Sharad Sharma talked about takeaways from the recent Gyan Sangam summit, developments on the Vijay Mallya case and whether the bank is looking at getting merged with SBI.

In an interview with CNBC-TV18, State Bank of Mysore MD Sharad Sharma talked about takeaways from the recent Gyan Sangam summit, developments on the Vijay Mallya case and whether the bank is looking at getting merged with SBI.

Below is the verbatim transcript of Sharad Sharma’s interview with Ekta Batra & Anuj Singhal on CNBC-TV18.

Ekta: First wanted to discuss any sort of feasibility in terms of the option of consolidation that came up in the Gyan Sangam. According to you would State Bank of Mysore be possibly on the cards to merge with State Bank of India (SBI)?

A: In a way once the decision has been taken what was discussed in the Gyan Sangam in the resolution was that there will be a committee which will be formed. Multi disciplinary committee comprising of various stakeholders who will take a decision in terms of merging some of these smaller banks with the larger banks depending on the compatibility and on the other issue which are looked at.

Of course it has been there for quite some time that consolidation in State Bank of India and to five associate banks yes it is there. The three of the associate’s banks of SBI are listed and two are unlisted. So, it depends on the timeframe kind of thing and other factors which will decide if and when any of the associate banks merges with SBI.

Anuj: The other issue that we want to discuss is the latest development regarding Vijay Mallya. What is the position of State Bank of Mysore at this point in time?

A: We are a part of the consortium we have a relatively smaller share. Our association with the group started because our original financing was to Deccan under Captain Gopinath and then when it got merged into Kingfisher we became a part of the consortium. So, status wise more or less the same with all the banks. Recovery process is on, so let see how soon we get it.

Part recovery has happened and it is under the 40 AG so once they take a final decision on that roughly about 10 percent of the consortium exposure has been recovered but under lien.

Ekta: What State Bank of Mysore’s exposure be totally at this point within that Rs 7,000 crore outstanding or thereabouts?

A: That is a very low, comparatively low figure to be provided for.

Ekta: What would take place post the March 28th meeting of the debts recovery tribunal (DRT) with regards to this issue?

A: Today the news channels are saying that the consortium has also gone to the Supreme Court for little more clarity on the issues with the DRT. There is a hearing slated for tomorrow in the Supreme Court, so let us see.

Ekta: If in case there is a timeline which is released for any of the smaller banks to be consolidated with the large banks how easy or difficult do you think the process would be because in the past they have been thoughts which have come up about this and then we have seen the employees unhappy about it. How easy or difficult do you think it would be from a cultural standpoint from a union standpoint for it to possibly go through?

A: In the overall sense it is the entire banking industry, the entire public sector banking space where this decision is taken. So, everybody recognises that fact. People have got adjusted they have been two associate banks which have already merged with the State Bank of India so in terms of regiment to be followed SBI as well as the associate banks are well aware of that. So, once the decision is taken the natural process will follow depending on as I said listed banks unlisted banks, what is a better fit all those kind of things.
First Published on Mar 8, 2016 01:30 pm
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