Country's largest urban co-operative lender, Saraswat Bank today said it is in talks with two to three co-operative banks for possible acquisitions.
The bank has so far received around 70 merger proposals from UCBs across the country, out of which two to three proposals are under consideration, a top official said.
"We have recieved around 70 applications from smaller banks for possible mergers. We are considering two to three applications at this time," Saraswat Co-operative Bank's Chairman Eknath Thakur said.
Out of the three target banks, two are understood to be from Karnataka and one from Gujarat.
Last year, Saraswat Bank had acquired Kolhapur Maratha Co-operative Bank and South Indian Co-operative Bank to take its total branch strength to 179 and client-base to 27 lakh.
Other banks acquired by Saraswat Bank in the past include Maratha Mandir Co-operative Bank, Mandvi Co-operative bank, Nashik People's Co-operative bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Bank. The lender posted a net profit of Rs 241.29 crore in FY09 as against Rs 202.26 crore in the last fiscal. Its total business, now at Rs 21,029.26 crore, is expected to go upto Rs 23,750 crore in FY10, Thakur said.
Total deposits of the bank, as on March 31, stood at Rs 12,918.85 crore and advances at Rs 8,110.41 crore. Net Interest margin of the bank, as on March 31, is at 2.9 per cent.The lender posted a net profit of Rs 241.29 crore in FY09 against Rs 202.26 crore in the last fiscal. Its total business, now at Rs 21,029.26 crore, is expected to go up to Rs 23,750 crore in FY10, Thakur said.
Total deposits of the bank, as on March 31, stood at Rs 12,918.85 crore and advances at Rs 8,110.41 crore.
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