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Mergers & Acquistions in Co-op Banking Sector- March 2006

The Reserve Bank of India (RBI) has approved the Cosmos Co-operative Bank’s proposal to acquire three co-operative banks- Co-operative Bank of Ahmedabad, Unnati Co-operative Bank (both based in Gujarat) and Annapoorna Mahila Cooperative Bank of Secunderabad (Andhra Pradesh).

The acquisitions are expected to add 25 branches to the bank’s existing network. Acquisition will mark, Cosmos bank foray into- Ahmedabad, Baroda and State of Andhra Pradesh

While, Unnati Bank is a profit making concern, the Co-operative Bank of Ahmedabad and Annapoorna Bank, have a negative balance of Rs 20 crore and Rs 20 lakh, respectively.

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