Shares of State Bank of India and its associate banks rose on BSE after the state-run bank said it is considering merger of five associate banks with itself.
State Bank of Mysore (up 10.90%), State Bank of Travancore (up 6.16%) and State Bank of India (up 1.02%), edged higher. State Bank of Bikaner and Jaipur was down 0.78%.
The S&P BSE Sensex was down 187.01 points, or 0.73% at 25,586.60.
State Bank of India (SBI) after trading hours yesterday, 17 May 2016, announced that it is seeking in principle sanction of the Government of India (GoI) to enter into negotiation with its 5 subsidiary banks viz. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore to acquire their businesses including assets and liabilities. The decision is purely exploratory at this stage and there is no certainty in relation to SBI completing the acquisitions, SBI said. SBI's board of directors will take a final call after evaluating all the relevant considerations. SBI also said that it is considering acquisition of Bharatiya Mahila Bank.
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