Saraswat Co-operative looking to acquire Pune-based bank

India’s largest co-operative bank, Saraswat Co-operative Bank (SCB), has set its eyes on yet another distressed urban co-operative bank for possible acquisition. The bank is conducting due diligence on the Pune-based Rupee Co-operative Bank, said a senior SCB official. Since 2006, SCB has aggressively pursued an inorganic growth strategy.

So far, it has acquired eight loss-making urban co-operative banks, including Maratha Mandir Co-operative Bank, Mandvi Co-operative Bank, Nashik Peoples Co-operative Bank and South Indian Co-operative Bank.

The century-old Rupee Co-operative Bank has 35 branches, four extension counters and seven ATMs, all in Maharashtra. Currently, SCB has 242 branches and 168 ATMs spread across six States — Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. It has deposits and loans aggregating about Rs 22,000 crore and Rs 14,000 crore, respectively.

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