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Process of merger of SBI and Sourashtra Bank on : Bhatt

By Staff

Kolkata, May 2 (UNI) The process of amalgamation of Sourastra Bank with State Bank of India (SBI) was on, SBI Chairman O P Bhatt today said.

He said the issue of merger of Sourastra Bank of India with SBI was now with the Union Finance Ministry.

Mr Bhatt said several vital issues like willingness of employees of Sourastra Bank for amalgamation, strength of workforce, assessment of property and liabilities were to be addressed before takeover.

Mr Bhatt, to questions after announcing SBI's financial results for 2007-08, said there was no immediate change of interest rates.

SBI's associate Banks' net profit jumped to 12.1 per cent at Rs 2,277 crore for 07-08.

To expand overseas business, Mr Bhatt said the Bank had got licence for opening branches in Singapore, but immediate plans were to set up a branch each at Malaya amd the USA shortly.

He said SBI's overseas business had fetched the company some ten per cent of its total net profit at Rs 6,729 crore for 07-08.

On non-life business, the SBI had indentified two partners so far and negotiation was on with them to pick one of them, Mr Bhatt said.

SBI Life grew NBP by 108 per cent of which Rs 1,450 crore was through the SBI Bank assurance channel.

SBI Life was one of the few private sector companies to make profit in FY 08 at Rs 34.3 crore.

On the Bank's liability of Rs 60,000 crore loan waiver for farmers as announced in the Union Budget, Mr Bhatt said the SBI would be beneficial.


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