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SBI MD Sriram retires with Centre's nod amidst IDBI stake sale buzz
Posted on 30th June 2018
Lending major State Bank of India (SBI) on Saturday said that the central government has permitted its Managing Director B Sriram to take voluntary retirement.

The development assumes significance as Sriram was recently appointed the chief of financially troubled IDBI Bank.

State Bank of India to shut 9 foreign offices as part of rationalisation
Posted on 28th June 2018
State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, said Managing Director Pravin K Gupta.

SBI, country's largest lender, has operations in about 36 countries with nearly 190 branches.

SBI set to rope in strategic advisor, to focus on capital conservation
Posted on 26th June 2018
The country’s largest lender, State Bank of India, plans to rope in a strategic advisor to conserve capital, increase return on assets and optimise the balance sheet. This comes in the backdrop of a decline in net loss to Rs 65.47 billion in 2017-18 due to a sharp rise in provisions for bad loans.

According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.

SBI/LIC pitch for UTI chairmanship
Posted on 25th June 2018
Both LIC and SBI have written to the board of UTI Asset Management Company (AMC), asking it to allow the term of Leo Puri, the current MD and CEO, to expire and to appoint a non-executive chairman from among the “independent directors”. The so-called independent directors are nominees of the PSU financial institutions that, together, own 73% of UTI’s shares. At present, there are two nominees each from LIC and SBI and one from PNB.

SBI Life rating ‘buy’: Jeferies says on strong footing vis-a-vis peers in private sector
Posted on 25th June 2018
SBI Life stands on a strong foothold for superior to industry growth, driven by a geographically diverse retail-dominated business mix and exclusive access to SBI’s >22k branches. Its best-in-class cost ratios are driven by the lower costs of SBIN-sourced business (~10%, v/s >20% for IPRU & HDFCLIFE). Our calculation suggests that a tax-assumption change (similar to what IPRU & HDFCLIFE follow) would boost VNB margins by ~150bp over reported. Buy, price target Rs 804.

SBI appoints Arijit Basu as new managing director; here’s all about veteran banker
Posted on 23rd June 2018
The government on Saturday appointed Arijit Basu as managing director of the country’s largest lender State Bank of India. He will fill the position that fell vacant following the elevation of Rajnish Kumar as the chairman. Now, after this, the SBI will have four managing directors. As per the SBI Act, the bank can have four managing directors.

Alok Industries Case: SBI may not demand revote on resolution plan
Posted on 21st June 2018
Going by the recent order on Alok Industries from the National Company Law Tribunal (NCLT), it would appear State Bank of India (SBI) has no objection if the resolution plan is not put to vote again. When the plan was voted on, in April, 70% of the lenders voted for it. However, since the law at the time required a 75% majority for a plan to be approved, the plan was turned down.

SBI presentation fuels talk of bank mergers
Posted on 18th June 2018
The stage is set for intensification of attempts at public sector bank consolidation after a presentation by State Bank of India (SBI) chairman Rajnish Kumar at a recent meeting of bankers, although it isn't quite clear on who will make the first move.

Bankers and government officials told TOI that Kumar made a detailed presentation on SBI's experience with the merger of five associate banks, pointing out how there were some initial niggles during the first few months, along with heightened anxiety.

Lenders put Coastal Energen plant with Rs 7k-cr debt on sale
Posted on 15th June 2018
A consortium of lenders led by State Bank of India (SBI) has put on sale a 1,200-megawatt (MW) thermal power plant in Tamil Nadu set up by Coastal Energen, according to a bid document.

The outstanding term debt to the plant, as on December 30, 2016, was Rs 6,132.14 crore and the working-capital outstanding, as on March 31, 2017, was Rs 831.53 crore.

HDFC 5th biggest consumer financial services company globally: Forbes
Posted on 14th June 2018
Housing finance major HDFC has been ranked as the 5th biggest public company globally in the 'consumer financial services category' on a list compiled by Forbes magazine.

American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

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