Date:21/02/2007 URL: http://www.thehindubusinessline.com/2007/02/21/stories/2007022103280600.htm

Back Shamrao Vithal gets nod for Bangalore co-op bank buy

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Bangalore Feb. 20 Shamrao Vithal Co-operative Bank Ltd (SVCB) announced on Tuesday that it had been granted approval by the Karnataka State Registrar for its proposed acquisition of Bangalore Cooperative Bank Ltd.

SVCB had already obtained the Reserve Bank of India's clearance for the merger.

The integration of the two banks is expected to be completed by the month end, said a release from SVCB.

Bangalore Cooperative Bank had a total business of Rs 166 crore, of which deposits constituted Rs 144 crore as of September last year.

SVCB with an authorised capital of Rs 100 crore and net worth of Rs 207 crore would leverage Bangalore Cooperative Bank's 11-branch network to expand its business in the State. SVCB, with 59 branches and extension counters in Maharashtra, Goa and Karnataka, had a total deposit base of Rs 4,500 crore at the end of FY 2006. -

This is the third acquisition of the Mumbai-based cooperative bank after the Nashik-based Saptashrungi Urban Cooperative Bank and the Kolhapur-based Shri Mahavir Cooperative Bank.