Welcome SBICI Bank Customers to SBI
The number of Banks in India has gone down by 1, with SBICI Bank Ltd, being acquired by State Bank of India.
SBICI Bank Ltd, is a wholly owned subsidiary of SBI, which was set up in 1994 after taking over the Indian operations of the erstwhile Bank of Credit & Commerce International Ltd. (BCCI), which went into liquidation in 1991.
SBICI Bank Ltd. has only two branches, both in Mumbai
Hence, it was felt that it would be a better option to merge the same with State Bank of India. As it is, SBICI Bank, was utilizing the network of SBI Group for all its activities. So, a merger made sense.
On 21/07/2011, The Union Cabinet approved acquisition of the State Bank of India Commercial and International Bank Ltd. (SBICI Bank Ltd.) by State Bank of India (SBI), in terms of sub-section (2) of section 35 of the State Bank of India Act, 1955.
As there were only 2 Branches, the integration could happen quickly, and from 29/07/2011, State Bank of India Commercial and International Bank Limited Branches started to operate as SBI Branches.
As of now, the website of the Bank is operative http://www.sbici.com/
In another couple of weeks, the website will be history.