TJSB Sahakari Bank plans to acquire two more UCBs and expand its business

Sharad Gangal, chairman, TJSB Sahakari Bank, told Business Standard that the bank will continue to look for inorganic growth opportunities

TJSB Sahakari Bank, a mid-sized urban cooperative bank (UCB), is looking at the acquisition of two UCBs for expanding its presence and business. It has already completed three and is in the process of completing the fourth acquisition of a Konkan-based UCB.

 

As part of its expansion plan, TJSB is also entering Chhattisgarh and Rajasthan for growing the footprint in Central and North India. Besides, it is also looking for expansion in Northern Maharashtra where the bank has minimal presence.

 

Sharad Gangal, chairman, TJSB Sakari Bank, told Business Standard, the bank will continue to look for inorganic growth opportunities.

 

“We acquired Citizen Coop Bank in Goa. And for one more in Maharashtra, work in progress. Plus, the bank is looking at two more proposals. It is too early to speak about them in detail,” Gangal added.

 

While the bank will continue to focus on profitable and healthy growth, it is also working to bring other struggling cooperative banks under its umbrella, to ensure their revival and long-term stability, Gangal added.

 

Another UCB active in acquisitions is Pune-based Cosmos Coop Bank.

 

The Bank amalgamated two Mumbai based UCBs i.e. Maratha Sahakari Bank and Sahebrao Deshmukh Co-op Bank.

 

According to the Reserve Bank of India’s (RBI’s) Report on Trend and Progress of Banking in India 2023-24, since 2004-05, the sector has witnessed 156 mergers, including six in 2023-24, of which three were in Maharashtra, two were in Telangana and one was in Gujarat.

 

Maharashtra accounted for the majority of the mergers in the last two decades, followed by Gujarat and Andhra Pradesh.

 

Out of these mergers, 82 were in Maharashtra, followed by 42 in Gujarat and 32 in rest of India, RBI report added.