Pune : In the Special General Meeting held on 30th December 2023, The Cosmos Cooperative Bank Ltd., received approval from it’s Members with majority votes for amalgamation of National Cooperative Bank Ltd., Bengaluru. This Special General Meeting was organized at Cosmos Bank’s Head Office on University Road.
While informing the Bank’s stance behind the amalgamation, Chairman CA Milind Kale said, “recently Bank has successfully amalgamated 3 banks and expanded 26 branches. Also, if The Reserve Bank of India approves the amalgamation of this bank located in Bengluru, the expansion of Cosmos Bank in the state of Karnataka will take place in a big way.”
CA Kale further added, “Bengaluru based National Cooperative Bank Ltd., has 13 branches. 12 of them are in Bengluru while 1 is in Mysore. National Cooperative Bank’s business set-up is around Rs. 1,586 Crore.” Up till now Cosmos Bank has amalgamated 18 small cooperative banks.
In the Special General Meeting held by National Cooperative Bank on 29th December 2023, out of 3152 Members (96.09%) 3029 Members cast their votes in favor of the proposed amalgamation. The proportion of the total value of the shares of Members voting in favor of the amalgamation is 97.66%.
In the Special General Meeting held at Cosmos Bank on 30th December 2023, 98.85% of the Members present, voted in favor of the amalgamation. The total value of the shares of Members voting in favor of amalgamation is 99.97%.
The amalgamation proposal by the Bank will soon be sent to The Reserve Bank of India for further approval.
Vice Chairman - Mr. Praveenkumar Gandhi, all Directors of the Board and Managing Director – Apekshita Thipsay were present for the Special General Meeting.
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