AZB & Partners was the transaction counsel for the US$120 billion merger of State Bank of India (SBI) with six other banks. The merger, which took effect from 1 April, involved three listed entities: State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner and Jaipur; two wholly owned SBI subsidiaries: State Bank of Hyderabad and State Bank of Patiala; and Bharatiya Mahila Bank, which was set up in 2013 as a bank exclusively for women and was wholly owned by the central government. The government gave its go-ahead for the merger in June 2016.
AZB’s team was led by partner Ashwath Rau and included partner Anu Tiwari and associates Kashish Bhatia, Pranav Atit, Prajna Mohapatra and Devina Deshpande. The team worked with Anant Thorat, general manager for law at SBI, on the transaction.
Rau, who had moved to AZB from Cyril Amarchand Mangaldas in June 2016, told Asia Business Law Journal he had “a prior relationship” with SBI as he had advised on the merger of State Bank of Indore and SBI, which came into effect in 2010. He had also worked on the merger of ING Vysya Bank and Kotak Mahindra Bank.