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‘SBH merger with SBI likely this fiscal’

Our Bureau

Hyderabad, April 25 The merger of State Bank of Hyderabad (SBH) with its parent State Bank of India (SBI) appears be entangled in legal issues.

The Ministry of Law had raised some objections about the merger of State Bank of Saurashtra with SBI on the grounds that Parliament needs to amend the State Bank Subsidiaries Act, facilitating the merger of the two.

“While the Reserve Bank of India and the Ministry of Finance share the view that the amendment is not necessary, we understand that the Ministry of Law has some objections. Unless this is cleared, the merger of SBH with SBI can’t be taken forward,” Mr Amitabha Guha, Managing Director of SBH, told newspersons here on Friday.

Asked when the merger was likely to be completed, he said, “I believe it should happen this fiscal.”

Other issues such as SBH employees’ reservations about the merger had been cleared, he added.

More Stories on : Mergers & Acquisitions | Public Sector Banks | State Bank of India

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