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SBI & State Bank of Indore Merger Approved

The Indian Government on 15 July 2010 approved the merger of State Bank of India with State Bank of Indore. This will be the second associate bank to be merged with SBI over the last two years.

Oct 13, 2010 15:06 IST

The Indian Government on 15 July 2010 approved the merger of State Bank of India with State Bank of Indore. This will be the second associate bank to be merged with SBI over the last two years. SBI had in 2008 merged with State Bank of Saurashtra, which was at that point of time its smallest associate bank. The merger would result in substantial cost saving as it would deduct the overhead cost of running two regional offices at New Delhi and Mumbai, which at present control the branch network of State Bank of Indore in the States other than Madhya Pradesh and Chhattisgarh.