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Showing posts from July, 2023

Merger of Associate Banks with SBI 2017

  M erger of ABs with SBI Whether shareholders of associate banks (ABs) benefitted?   A n interesting read 1. Three ABs SBBJ, SBT and SBM were listed entities. SBH and SBP were 100% owned by SBI.  2. The swap ratios for getting the shares of SBI were fixed in August 2016 as under: For  i. 10 shares of SBBJ, 28 shares of SBI  ii. 10 shares of SBT, 22 shares of SBI and  iii. 10 shares of SBM, 22 shares of SBI were allotted. 3. Share prices of the four banks 'prior to' and 'post' announcement of swap ratio in august 2016 reads as follows                          Prior         Post SBBJ                   488           673 SBT                     363           505 SBM          ...

SBI Bank Day 68

SBI FOUNDATION DAY Today, the employees and pensioners of SBI celebrate the 68 th foundation day of the Bank. I thought I will pen a few interesting facts about the largest commercial bank in India. 1 . Origin : Three Presidency Banks commenced   banking operations in the following order: Bank of Calcutta : 1806  (Renamed Bank of Bengal in 1809) Bank of Bombay : 1840 Bank of Madras: 1843* 2 . Imperial Bank of India: The above three banks were merged to form Imperial Bank of India (IBI) in Jan 1921. IBI also acted as the Central Bank for British India prior to formation of Reserve Bank of India in 1935. 3. State Bank of India (SBI): By an act of Parliament, RBI acquired controlling interest in IBI. The bank was nationalised and renamed State Bank of India from 1st July 1955. 4. Banking Subsidiaries/ Associates Eight Princely State Banks of different regions were nationalised in 1959 and were made the banking subsidiaries of SBI. They were known as assoc...