“State Bank of India (SBI) has kick-started the formal process of merging associate banks and Bharatiya Mahila Bank, which would create a banking entity with total assets worth about Rs 29 lakh crore. The bank has appointed merchant bankers, valuation consultants and law firms to complete the process,” reported The Economic Times.
The transaction includes SBI absorbing five associate banks - State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad - of which three are listed entities.
According to the Economic Times, AZB & Partners
The due diligence on the only bank that is not an SBI subsidiary - Bharatiya Mahila - was handled by Shardul Amarchand Mangaldas
We understand from sources that the deal was won by AZB after Rau had joined the firm from Cyril Amarchand Mangaldas in June.
As reported on 4 July, Cyril Amarchand and Rau had represented SBI on setting up a payments bank, with Cyril Amarchand
On 11 July we reported that the $1.4bn Lafarge-Nirma sale had moved with Rau to AZB, despite having started out at Cyril Amarchand.
However, we understand from sources that this deal’s adviser appointments began after Rau had joined AZB
SBI has been a long-standing client of erstwhile Amarchand Mangaldas’ Mumbai office - which is now Cyril Amarchand - (such as Rau acting for SBI on a Rs 1.3 crore aquisition of the bank in 2013, or Amarchand Mumbai’s banking
For instance, SBI had used [https://www.legallyindia.com/Deals-in-brief/deals-round-up used Majmudar & Partners on a loan in 2012, while AZB & Partners’
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AZB is not even part of such transaction.
CAM is far from over. It's just that it will take a hit for 1 year but things will get settled by then. Do remember that Cyril Shroff is a very smart businessman. Will not let a partner rock his legacy firm of nearly a 100 year old firm. His business skills and business development is very strong and he will manage to do his business pretty well in long run.
ranking matters in terms of ensuring deal flows etc. just incase someone is thinking of trolling this harmless comment
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