Saraswat Co-op buys Nashik bank
Saraswat Co-operative Bank has acquired Nashik Peoples Co-operative Bank Ltd. Saraswat Bank had signed a memorandum of understanding with the Nashik Co-operative Bank to this effect in June 2007.
The total business after the merger will be about Rs 17,000 crore, said a press release from the bank. The Nashik Peoples Co-operative Bank has a network of 14 fully computerised branches with deposits of Rs 124 crore and advances of Rs 68 crore as on March 31, 2007. The bank has a good presence in Nashik district and surrounding areas.
With the merger, the Saraswat Bank will have 141 branches in its network. The bank has also received permission for converting 12 extension counters into full-fledged branches, taking the total number to 153 by the year-end.
The bank has already started training sessions for employees of Nashik Peoples Co-operative Bank, said the release.
Saraswat Bank had earlier acquired Maratha Mandir Co-operative Bank, Mandvi Co-operative Bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Bank.
Mr Eknath Thakur, Director and Chairman, HRD Committee of Saraswat Bank, said, “Saraswat Bank is in the process of acquiring a few more troubled co-operative banks in the coming months.”
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