Saraswat Co-operative Bank is eyeing Vadodara-based Anyonya Co-operative Bank Ltd (ACBL) for an acquisition, a top bank official said.
“We have definite plans to acquire Vadodara-based Anyonya Co-op Bank, the first co-operative credit society that is now running into trouble,” Saraswat Bank's Chairman Eknath Thakur told reporters here today.
ACBL has been struggling since September 2007, when it was put under Section 35 (A) of the Banking Regulation Act. The bank incurred a loss and closed in March 2008.
“We are also having talks with two co-operative banks for merger,” Thakur said, without, however, divulging their identities.
Saraswat Bank has already acquired seven banks, including branches of South Indian Cooperative Bank (SICB) last year, he said.
The bank has also drawn up an aggressive expansion plan and sought permission of the Reserve Bank of India (RBI) to open more branches.
“We have plans to open 60 new branches in metro cities across the country, for which we have applied to the RBI. We have a presence in Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujarat and Delhi,” Thakur said.
The bank is shortly opening its 178th branch at Panjim in Goa and 179th branch in Bangalore, he said.
