NEWS & ADVICE : PERSONAL LOAN
SBI, SBICI amalgamated
By Vaibhav Aggarwal
Dec 15, 2008
Print    Email    RSS   

India's largest lender, State Bank of India has merged its subsidiary, SBI Commercial and International Bank Ltd. (SBICI) with itself on December 11th.

The lender informed Bombay Stock Exchange (BSE) that, "The acquisition of SBICI has been approved by Boards of State Bank of India and SBICI subject to necessary regulatory clearance."

SBICI Bank is a fully owned subsidiary of SBI but it runs as a private sector bank offering a wide range of financial products and services. The bank has wide reach in both Indian and International markets.

Even the take over of SBICAP Securities Ltd by SBI has been approved by the Executive Committee of Central Board. Following the necessary details and approval procedure SBICAP Securities Ltd will become the subsidiary of SBI. Currently it's a subsidiary SBI Capital Markets Ltd which is an investment banking arm of SBI.

In the meantime, SBI has said that it will soon review the interest rate on the backdrop of monetary measures taken by the Reserve Bank of India. SBI's Chairman O P Bhatt said, "We are going to review rates."

Bhatt said that bankers would consider all necessary measures that can boost up the slowing economy. Yes Bank, HDFC Bank and Union Bank have already cut down their benchmark prime lending rate by 50 basis points each.

However Mr Bhatt feels that, "There are lots of things happening to stimulate demand in economy. Still there is a feeling that more is required."

SBI has last cut its PLR by 75 basis points to 13% in the month of November.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Loan upper limit increased for women
Get a loan to meet your any personal need
Need of Financial inclusion: making the...
Carnival of Indian Personal Finance Blogs #1
What to look for while taking a personal loan


HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive