Saraswat Co-operative Bank, the largest multi-state co-operative bank in the country, is likely to acquire financially-troubled Anyonya Co-op Bank (ACBL) soon.
The merger of 118-year-old ACBL, which has 10 branches in Gujarat, is estimated to cost Rs 25 crore to Saraswat Bank.
“We have submitted the merger proposal to the Reserve Bank of India (RBI) and waiting for its approval,” Kishore V Rangnekar, vice-chairman, Saraswat Co-op Bank, told Business Standard.
At present, Saraswat Bank has 190 branches in Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujarat and New Delhi. The bank has done a business of Rs 21,000 crore so far in the current financial year.
In the last three years, it has acquired six co-operative 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. In the process it has acquired 700,000 depositors.
