MUMBAI, June 11 State Bank of India (SBI)
, the country's largest lender, said on Wednesday that a
plan to merge associate banks with itself was not under active
consideration and the state-owned bank could examine the option
SBI would merge five of its associate banks with itself in a
move that will bolster its asset base, add more branches and
raise market share, the Economic Times reported on Wednesday,
citing the bank's Chairwoman, Arundhati Bhattacharya.
In a statement to the stock exchanges, SBI said no such
proposal had been formally taken up for approval.
"While the bank has always had plans to consider merger of
the associate banks, eventually ... the matter had not been
under active consideration for quite some time," the statement
"Going forward, the bank may examine the merger options
afresh, when considered appropriate, but preparation of a
possible roadmap would take a few months."
(Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee)