Saraswat Bank to acquire Anyonya Co-op Bank

Saraswat Co-operative Bank Ltd (SCBL)- the largest multi-state co-operative bank in the country will shortly acquire financially troubled Anyonya Co-op Bank Ltd (ACBL) with 10 branches.

The merger of ACBL, which has 10 branches in Gujrat, is estimated to cost Saraswat Bank at Rs. 25 crore. ACBL, which has the history of 118 years, is the first co-operative bank in the country.

“We have already submitted the merger proposal of ACBL to Reserve Bank of India (RBI) and waiting for its approval,” Kishore V Rangnekar, Vice-chairman, Saraswat Co-op Bank Ltd, told Business Standard.

Presently, Saraswat Bank has 190 branches in Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujrat and Delhi. The Bank has achieved the business of Rs. 21,000 crore so far in the current FY 2009-10.

The Bank has revived the deposits of 7 lakh depositors in last three years by acquiring six financially troubled co-op banks- Maratha Mandir Co-op Bank, Mandvi Co-op Bank (Mumbai), Annasaheb Karale Urban Co-op Bank (Sangli), Murdha Rajendra Co-operative Bank (Meerat), South Indian Bank (Mumbai) and Nashik-based Nashik People’s Co-op Bank.