Saraswat Bank eyes merger of co-op banks

Saraswat Cooperative Bank, the country's largest multi-state cooperative bank, is planning to open five new branches.

It is also considering merging two cooperative banks with itself. The bank has set a business target of Rs 19,000 crore for the current financial year and expects to touch Rs 25,000 crore by 2010-11.

Saraswat Cooperative Bank Chairman Kishore V Rangnekar said, "We have got RBI's permission to open three new branches in Delhi, Bangalore and Udupi. We have applied to RBI for opening of another two new branches in Maharashtra- at Lokhandwala Complex in Mumbai and in Kudal, Sindhudurga."

Ranganekar added, "We have just signed a memorandum of understanding (MoU) with Kolhapur Maratha Coop Bank for its merger into Saraswat. Besides, we have also received a proposal for merger from Mumbai-based South Indian Coop Bank."

In December 2007, Saraswat bank took over Nashik-based People's Cooperative Bank with 14 branches, taking its total number of branches to 141. It had earlier acquired Maratha Mandir Coop Bank, Mandvi Coop Bank, Annasaheb Karale Urban Coop Bank and Murdha Rajendra Cooperative Bank.