Saraswat Bank Acquires Nashik Cooperative Bank

MUMBAI: The country's largest co-operative bank, Saraswat Co-operative Bank, has announced the acquisition of the Nashik Peoples Co-operative Bank, which has an accumulated loss of Rs 40 crore.

With this acquisition, Saraswat Bank will now have 141 branches across the country. The number is expected to go up to 153 after the existing 12 extension counters are converted into full-fledged branches, Saraswat Bank Director Eknath Thakur told reporters here.

This is the fifth acquisition by Saraswat in the last two years. The bank is understood to have plans to buy two-three more banks in the next four years.

"We have a target to acquire 10 lakh more customers by 2011. For this, the bank will have to acquire a few more banks and we are in talks with 2-3 troubled banks," Thakur said.

The bank has set a target of achieving Rs 1 lakh crore business in the next 10 years. The bank also denied the rumors that its Board has plans to convert the bank into a private sector one in the near future.

"We will be maintaining the co-operative status until we reach that size (of a private sector bank).