Mumbai: The State Bank of India (SBI), the country's largest lender, started functioning as unified entity from Saturday post merger of its five associate banks, besides Bharatiya Mahila Bank.
The five associate banks merged with the SBI are State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
With the merger, the SBI joins the league of top 50 banks globally in terms of assets.
"We welcome the customers, employees and all other stakeholders of associate banks and Bharatiya Mahila Bank to SBI fold. The bank will strive to conclude the transition process within a quarter," SBI Chairman Arundhati Bhattacharya said here in a statement on Saturday.
"The combined entity will enhance productivity, mitigate geographical risks, increase operational efficiency and drive synergies across multiple dimensions while ensuring increased levels of customer delight," she said.
The total customer base of the bank reaches 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity now has a deposit base of more than Rs 26 lakh-crore and advances level of Rs 18.50 lakh crore.
"The bank will rationalise its branch network by relocating some of the branches to maximise the reach. This will help optimise its operations and improve profitability. Integration of treasuries of the associate banks with SBI will bring in substantial cost saving and synergy in operations," the statement said.
Post-merger, all the customers of associate banks now enjoy the benefits of a wide array of digital products and services offered by the State Bank of India, the bank said.
Online SBI, the bank's web banking platform is the fifth-most visited financial site, globally.