SBI to submit detailed associate banks' merger plan

State Bank of India is likely to submit a detailed merger plan with associate banks for another Cabinet approval in mid-July.

Sources told Zee Business that the bank's merger plan need another round of Cabinet approval and is expected to submit its merger plan by mid-July. 

Last month, the cabinet approved the bank's plan to merge with its associate banks. However, that was just a principal approval.

State Bank of India (SBI) has five associate banks -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.

SBI TO SEND DETAILED MERGER PLAN FOR GOVT. APPROVAL pic.twitter.com/Tn7opLSoKh

— Zee Business (@ZeeBusiness) July 5, 2016

To start with, the bank will merge the non-listed entities first, said the report.

According to a PTI report, the merged entity will create a banking behemoth, which can compete with the largest in the world with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over $555 billion, with 22,500 branches and 58,000 ATMs as on December 2015. 

Presently, SBI alone has close to 16,500 branches, including 198 foreign offices spread across 36 countries, said the agency report.