Friday, December 12, 2008

Saraswat co-operative bank to open nine new branches

The Saraswat Co-operative Bank is the biggest cooperative bank in the country, will be opening nine new branches. Bank has got licenses for opening nine more branches. According to bank sources majority of the new branches will be opened in Mumbai, however bank has received license to open a branch each in New Delhi, Bangalore and Udupi as well.

At present bank have 170 branches spread over five states. Recently bank acquired few sick cooperative banks told its total business-deposits plus advances-will cross the Rs 20,000 cr mark by the end of December. The bank said over the last couple of years it has acquired Maratha Mandir Co-operative Bank, the Mandvi Co-op Bank and Nashik Peoples Co-operative Bank which were running in loss, has been turned into profit-making ones in a short period.

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