SGM: Cosmos Bank receives approval for National Co-op Bank amalgamation

In a landmark decision at the Special General Meeting convened on December 30, 2023, The Cosmos Cooperative Bank Ltd. secured resounding approval from its members to proceed with the amalgamation of National Cooperative Bank Ltd., located in Bengaluru. The meeting, a significant event for both institutions, unfolded within the prestigious confines of Cosmos Bank’s Head Office on University Road.

Chairman CA Milind Kale, elucidating the rationale behind this strategic move, emphasized the recent successes of Cosmos Bank in amalgamating three banks and expanding its footprint with the addition of 26 branches. With optimism and foresight, he remarked, “Pending approval from The Reserve Bank of India, the amalgamation of the Bengaluru-based National Cooperative Bank will pave the way for a substantial expansion of Cosmos Bank in the state of Karnataka.”

Highlighting the particulars of the National Cooperative Bank, CA Kale outlined that it encompasses a network of 13 branches, with 12 in Bengaluru and one in Mysore, and boasts a robust business setup amounting to Rs 1,586 Crore.

This proposed amalgamation represents another strategic move for Cosmos Bank, which has successfully assimilated 18 small cooperative banks until now.

The preceding day, on December 29, 2023, the National Cooperative Bank conducted its own Special General Meeting, witnessing an overwhelming mandate from its 3,152 members, with a staggering 96.09% casting their votes in favor of the proposed amalgamation. The proportion of the total share value of members in favor was an impressive 97.66%.

Concurrently, at Cosmos Bank’s Special General Meeting on December 30, 2023, an equally strong show of support was witnessed, with 98.85% of the members present endorsing the amalgamation. Reflecting an overwhelming consensus, the total share value of members favoring the amalgamation reached an impressive 99.97%.

With the internal approval process successfully navigated, the amalgamation proposal is now poised for submission to The Reserve Bank of India, marking a critical step toward realizing this strategic union.

Present at the pivotal Special General Meeting were Vice Chairman Mr. Praveenkumar Gandhi, all Directors of the Board, and Managing Director Mrs. Apekshita Thipsay, underscoring the collective commitment of the leadership to this transformative endeavor.

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