Thursday, April 5, 2007

Saraswat Co-operative Bank planning to acquire 4 regional banks

After its successful merger with Mandvi Co-operative Bank in October 2006, Saraswat Co-operative Bank is eyeing four other banks to merge with by June 2007. The banks under consideration are Murgha Rajendra Co-operative Bank and Annasaheb Karale Bank based in Sangli, and the Nashik People Co-operative Bank and Kolhapur Janta Sahakari Bank based in Nashik and Kolhapur, respectively.

Saraswat has already signed a deal with Murgha Rajendra and Annasaheb Karale, whereas the due diligence is on for Nashik People and Kolhapur Janta Sahakari Bank. 11 branches each of Annasaheb Karale, Murgha Rajendra and Kolhapur Janta and 14 branches of Nashik People will be taken over. Saraswat Bank will absorb 200 employees from Murgha Rajendra and 160 employees from Annasaheb Karale.

Read the article from DNA Money.

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