RBI approves merger of Sahebrao Deshmukh Co-op Bank with Cosmos Co-op Bank
Banking & Finance
RBI has approved the voluntary amalgamation of two Maharashtra-based co-operative banks, wherein Pune-based Cosmos Co-operative Bank will acquire Mumbai-based Sahebrao Deshmukh Co-operative Bank. The merger will come into effect from September 26, 2023, post which branches of Sahebrao Deshmukh Co-operative Bank will function as branches of Cosmos Co-operative Bank, the central bank said. Shareholders of Cosmos Bank had in March 2023 approved the merger with Sahebrao Deshmukh Sahakari Bank and Maratha Sahakari Bank. Cosmos Bank’s Chairman CA Milind Kale had then said that the bank is looking to expand with these two acquisitions as its presence in Mumbai will grow significantly.
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