State Bank of Travancore
| Company type | Subsidiary (former) |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Travancore Bank Ltd. |
| Founded | 1945 |
| Founder | C. P. Ramaswami Iyer (initiated) |
| Defunct | 31 March 2017 |
| Fate | Merged into State Bank of India |
| Headquarters | Thiruvananthapuram , India |
Area served | 18 states and 3 union territories in India |
| Products | Banking, Treasury operations, Foreign exchange services |
| Owner | State Bank of India (parent company) |
Number of employees | (2015) |
| Parent | State Bank of India |
The State Bank of Travancore (SBT) was a prominent banking institution in India, with its main office located in Thiruvananthapuram, Kerala. It functioned as a significant affiliate of the State Bank of India.
Operating as a subsidiary under the State Bank Group, SBT retained private shareholders. It held the position of the leading bank within Kerala, managing an extensive network comprising 1,157 branches and 1,602 ATMs as of March 2015, covering 18 states and three union territories.
The Union Cabinet sanctioned the consolidation of SBT along with four other associate banks into SBI on 15 February 2017. This integration was finalized by 31 March 2017.
Establishment
Founded in 1945 under the name Travancore Bank Ltd., the bank was initiated by Travancore Diwan C. P. Ramaswami Iyer. Due to his lack of popularity, credit for the establishment was attributed to Maharaja Chithira Thirunal Balarama Varma, although his direct involvement was minimal. Despite the Travancore government contributing merely 25% of the initial capital, the bank managed treasury operations for the government and foreign exchange services alongside standard banking activities. Its headquarters were situated in Thiruvananthapuram. In 1960, following the SBI Subsidiary Banks Act, 1959, it became a subsidiary of State Bank of India and adopted the name 'State Bank of Travancore'.
Integration
The Union Cabinet approved on 15 February 2017 the merger of SBT and four other SBI associate banks into State Bank of India. This process was completed on 31 March 2017.
Acquisitions
During the period from 1959 to 1965, SBT grew by absorbing multiple smaller private banks operating in Kerala:
- 1959: Took over assets and liabilities of Indo-Mercantile Bank, established in Kochi in 1937.
- 1961: Acquired Travancore Forward Bank (1929), Kottayam Orient Bank (1926), and Bank of New India (1944) following moratoriums imposed by RBI.
- 1963: Absorbed Vasudeva Vilasam Bank (1930).
- 1964: Took control of Cochin Nayar Bank (1929), Latin Christian Bank (1928, located in Ernakulam), and Champakulam Catholic Bank (1929, based in Alappuzha) after RBI moratoriums.
- 1965: Acquired Bank of Alwaye (1942) and Chaldean Syrian Bank (1918), which was founded by distinguished Syrian Christian families.
See also
External links
- State Bank of India
- Companies based in Thiruvananthapuram
- Banks based in Kerala
- Banks established in 1945
- Indian companies established in 1945
- Defunct banks of India
- Banks disestablished in 2017
- Indian companies disestablished in 2017
- Companies formerly listed on the National Stock Exchange of India
- Companies formerly listed on the Bombay Stock Exchange