State Bank of India will gain $120bn in assets from units takeoverStaff Writer | August 20, 2016
State Bank of India, the nation's biggest lender by assets, will gain $120 billion in assets following its merger with associate banks and Bhartiya Mahila Bank.
Acquisition Policymakers in India want to recapitalize
Policymakers want to recapitalize and consolidate India's state-run banks so that they can extend fresh credit and help drive an investment-led recovery in Asia's third-largest economy that is currently getting a boost from state and private consumption.
India's 27 public sector banks account for 70 percent of its banking sector assets, as well as the lion's share of the country's $120 billion in troubled loans.
SBI said the merger would expand its assets by 36 percent to about $447 billion. ■