The board of directors of State Bank of Hyderabad has accorded its approval for entering into negotiations with State Bank of India for acquisition of the business, including assets and liabilities of State Bank of Hyderabad (SBH), by State Bank of India.
In a regulatory filing made with the BSE, SBH has informed, “While the decision is purely exploratory at this stage and there is no certainty in relation to completion of the acquisition, we as a matter of good Corporate Governance, to ensure complete transparency, are intimating this decision to the exchange.”
“No decision has been taken at this stage for approving acquisitions and the same will be taken by our board upon evaluating all relevant considerations, pursuant to discussions with relevant stakeholders, upon and subject to receipt of requisite approval from the appropriate authority,” the statement further mentioned.