Business Daily from THE HINDU group of publications
Sunday, Jan 20, 2008
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Business Daily from THE HINDU group of publications Sunday, Jan 20, 2008 ePaper | Mobile/PDA Version |
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Public Sector Banks Money & Banking - Mergers & Acquisitions
Six associate bank boards to meet on Jan 24 to approve merger proposal 
K.R. Srivats New Delhi, Jan. 19 In a new twist to the ongoing saga on planned merger of State Bank of India associate banks’ with the parent bank, the SBI top management has invited associate banks’ union leaders for talks on January 22 in Mumbai. The invitation for talks is seen as an apparent attempt to placate the concerns of unions’ on the merger plan and ensure that the bank employees do not strike work on January 25. Meanwhile, the boards of the six associate banks are to meet on January 24 to discuss and approve the merger proposal with SBI. It was earlier indicated that the boards would meet on January 25. The conciliatory talks between the Centre, the Indian Banks’ Association and the United Forum of Bank Unions have been postponed by a day to January 23. Discussing proposal“Notices for the board meeting of six associate banks of SBI on January 24 have now been served to employee directors and others. It is now confirmed that the boards will meet on January 24 to discuss the merger proposal,” a banking industry official said. SBI has seven associate banks, including State Bank of Saurashtra, whose merger with the parent bank has already been approved by both the boards and awaiting Government approval. The other six banks are State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore, and State Bank of Patiala. Although the board meetings of the remaining six associate banks have now been convened for January 24, the bank employees intend to proceed with their planned strike on January 25, the convenor of the UFBU, Mr C.H. Venkatachalam, told Business Line. Mr Venkatachalam, who is also General Secretary of the All-India Bank Employees Association (AIBEA), said that AIBEA has instructed the workmen directors to disapprove and dissent such a proposal, and stage a protest walk out of the board meeting if the proposal is insisted upon. Pressure is also mounting on the Government to reconsider the merger plan. The latest to join the list of MPs who have voiced concern over the proposed merger is, Mr D. Raja, National Secretary of Communist Party of India. It is learnt that Mr Raja has shot off a letter to the Prime Minister, Dr Manmohan Singh, on Saturday stating that the merger move should not be hurried up and such major proposals need consultations with all stakeholders. Bank employees to strike work on Jan 25 Boards of 6 SBI associates to consider merger move on Jan 25 Section of officers may join SBI strike SBI staff body to oppose merger of associate banks More Stories on : Public Sector Banks | Mergers & Acquisitions | State Bank of India | Trade & Labour Unions
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