Thane bank acquires 2 Pune coop banks

Thane, July 12 (UNI) The Thane Janata Co-operative Bank has acquired two Pune-based cooperative banks -- Navjeevan Nagri Shakari Bank and Shree Satguru Jangli Maharaj Sahakari Bank.

Announcing the acquisitions at a press conference here today, Thane Janata Cooperative Bank chairman Vidhyadhar Vaishampayan and CEO R G Karve said that following the acquisitions, the bank will almost double its branches from the present 20.

The business level of the Bank, which is Rs 3000 crore at present, will touch Rs 5000 crore by 2010, they said. The merger will be complete by the second week of August.

The deposits of the Bank will increase by 24.38 per cent and reach 1745 crore while the advances will increase by 19.83 per cent at Rs 1124 crore.

They informed that out of the 17 branches coming under the Bank's fold, half of them would be relocated out of Pune in either Thane, Mumbai or Nashik.

Consequent upon the merger, the clientele of the Bank will increase from five lakh to 6.50 lakh and the staff strength will rise to 721 from the present 400. The staff may also be relocated, they said.

Mr Vaishampayan and Mr Karve informed that the Bank will soon be connected to the Hyderabad Central Switch, where presently 14 banks including the ICICI are connected, and this will enable the customers to have access to thousands of ATMs throughout the country at a nominal charge.

As per the order of the Co-operative Commissioner, the Navjeevan Bank stands merged with the Thane Janata Bank with effect from July 16, and the Jangli Maharaj Bank from August 18.

UNI