The largest lender of the country, State Bank of India is all ready to merge with its associate, State Bank of Hyderabad.
According to Chairman of SBI, Pratip Chaudhuri, the 100% subsidiary units of the lender would get first preference in the merger plans.
State Bank of Hyderabad has also been found to be ready for the consolidation process.
Mr P. Sudhakar, General Secretary, SBH Officers Association, and Joint General Secretary of All India Bank Officers Federation said, "We welcome this announcement 101 per cent. More than 95 per cent of the officers and clerical staff are in favour of merger with SBI."
"Unlike State Bank of Saurashtra and State Bank of Indore, which were merged with SBI earlier, SBH is a strong bank and will help SBI significantly to broad-base its strength further," said a top SBI official.