The Competition Commission of India (CCI) has given the go-ahead to the merger of State Bank of India (SBI) and Bharatiya Mahila Bank (BMBL).
BMBL is a nascent bank launched in November 2013. The integration will be in the form of amalgamation whereby SBI will purchase the business of BMBL, including its assets and liabilities.
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“Both the banks offer various banking products to their retail and corporate customers. However, while SBI has made deep inroads into the interiors of the country, Bharatiya Mahila Bank has only token presence with four to five branches in each State,” CCI said.
In addition to BMBL, five associate banks of SBI- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad- will be merged into SBI.
The merger was approved by India's Union cabinet in June 2016 and by the board of SBI in August 2016.
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