Shamrao Vithal plans acquisition of AP-based co-op bank

Shamrao Vithal Co-operative Bank plans to acquire a co-operative bank in Andhra Pradesh, a top bank official said.

"We are in the process of taking over a co-operative bank in Andhra Pradesh to expand our area of operations," city-based Shamrao Vithal Co-operative Bank Ltd Chairman Suresh S Hemmady told reporters here today.

Currently, negotiations are on with the bank, Hemmady said adding that "both banks have to obtain their shareholders approval."

Once the shareholders approve the deal, "then we would go for other regulatory approvals," he said.

According to him, the acquisition could take a couple of months.

Currently, the bank has a presence in a five states, with a network of over 70 outlets. It plans to have a pan-India operation by 2010.

 

The bank today also launched its international banking division in the city.