In the Special General Meeting held on 30th March 2023, the Cosmos Cooperative Bank Ltd., received approval from members with majority votes for merger of the Sahebrao Deshmukh Sahakari Bank Ltd., and Maratha Sahakari Bank Ltd., (amended scheme of merger). This Special General Meeting was organized at Cosmos Bank’s Head Office on University Road.
Cosmos Bank’s Chairman CA Milind Kale addressed the meeting informing members that Cosmos Bank is planning expansion in the near future. With the merger of two mentioned banks expansion of Cosmos Bank in Mumbai will be significant.
Chairman Kale also stated that the Mumbai based Sahebrao Deshmukh Co-op Bank Ltd., has 11 branches and its business set-up is around Rs. 244 Crore. While Maratha Sahakari Bank Ltd., has 7 branches while its business set-up is around Rs.162 Crore.
The proposal for the said merger will be sent to The Reserve Bank for further approval.
Vice Chairman – Mr. Sachin Apte, all Directors of the Board and Managing Director – Mrs. Apekshita Thipsay were present for the Special General Meeting.