Saraswat Cooperative Bank is aiming to acquire another bank as part of its expansion plans. The bank is eyeing an urban cooperative bank (UCB) in Karnataka in this regard.
For taking ahead the process, the bank would be signing a memorandum of understanding (MoU) with the UCB in this regard, said Mr E.K. Thakur, Chairman, Saraswat Co-operative Bank.
The name of the bank has however not been disclosed yet. It has 39 branches in Karnataka and a total business of Rs 350 crore.
Saraswat Bank is in heavy growth phase and has so far acquired 7 UCBs in the period between 2006 to 2009.