State bank of India (SBI) has kickstarted👞 the process to merge with its associate banks🏦 and create a banking entity that will be worth about Rs 29 lakh crore💪. The bank has also appointed various external parties🔍 including valuation consultants and law firms to complete the process. The associate banks which will be merged with the SBI are📜 State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore and Bharatiya Mahila Bank.
SBI Chairman Arundhati Bhattacharya👩 confirmed the news and further commented that the process will be completed by March 2017📆. The new entity is expected to have a balance sheet size of ₹37 lakh crore💰. That may be more than five-times the country's second largest lender ICICI Bank🙆. This move is also expected to boost🚀 SBI's global ranking, which now stands at 52.