Cabinet Approves SBI's Planned Takeover Of Subsidary Banks

| } June 15 , 2016 , 16:22 IST
SBI-LogoThe share prices of State Bank of India and its three listed associate banks flared up on the bourses on Wednesday on talks of government's okay on negotiations for the merger of the six banks. The SBI has five associate banks - State Bank of Bikaner and Jaipur (SBJJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). Of them, SBM, SBJJ and SBT are listed on the bourses. The SBI had earlier informed the bourses that it is seeking "in principle sanction" of the central government to enter into negotiation with the subsidiary banks as well as the Bharatiya Mahila Bank Limited to acquire their businesses including assets and liabilities. The SBI's scrip closed at Rs 215.65 gaining 3.90 per cent over previous day's closing price. However the scrips of the listed associate banks gained the most with SBJJ gaining Rs 99.90 to close at Rs 599.90, SBM gained Rs 91.30 to close at Rs 547.90 and SBT went up by Rs 79.80 to close at Rs 478.90. For all the latest news and updates from India and across the globe, follow us on @NewsWorldIN on Twitter and News World India on Facebook