Saraswat Co-op Bank to acquire three more cooperative banks
Saraswat Co-operative Bank Ltd plans to acquire three more cooperative banks in 2008-09 taking the total number of its acquisitions to eight. The three banks are The South Indian Cooperative Bank, Amaravati Cooperative Bank and Sirushi Cooperative Bank in Karnataka.
Saraswat Bank has already submitted a proposal to the Reserve Bank of India to acquire the ailing South Indian Co-operative Bank
In the past, the bank has acquired Maratha Mandir Cooperative Bank, Mandvi Cooperative Bank, Nashik People's Cooperative Bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Banki.
Saraswat Cooperative Bank, country's largest co-operative bank has presence in 5 states Maharashtra, Goa, Gujarat, Madhya Pradesh and Karnataka. For the year-ended March, Saraswat Bank's net profit rose 30.34 per cent to Rs 202.26 crore against Rs 155.18 crore a year ago. The bank's total business jumped 23.43 per cent for the reporting year to Rs 18,879.13 crore.
M&A will help in consolidation in Cooperative Banks ... Click here
Saraswat Co-op Bank to acquire two co-op banks... Click here
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