During a Special General Meeting (SGM) held on September 7, 2024, The Cosmos Cooperative Bank Ltd. received overwhelming approval from its members for the proposed amalgamation of National Cooperative Bank Ltd., Bengaluru. The meeting took place at Cosmos Bank’s Head Office on University Road, Pune.
Chairman CA Milind Kale informed attendees that Bengaluru-based National Cooperative Bank Ltd. has a total of 13 branches—12 in Bengaluru and 1 in Mysore. He further added that the business setup of National Cooperative Bank, as of August 2024, stood at Rs 1,393 crore.
CA Kale noted that Cosmos Bank has successfully amalgamated 18 smaller cooperative banks to date. Should the Reserve Bank of India approve this amalgamation, Cosmos Bank would see significant expansion within Karnataka.
In the SGM held by National Cooperative Bank on September 8, 2024, 3,249 members (94.06% of the 3,454 members present) voted in favor of the amalgamation. The total shareholding value of the members voting in favor was 95.36%.
Meanwhile, in Cosmos Bank’s SGM on September 7, 2024, 97.47% of members in attendance voted in favor of the amalgamation. The total value of the shares represented by members voting in favor stood at 99.82%.
The proposal for amalgamation will now be submitted to the Reserve Bank of India for further approval.
Vice Chairman CA Yashwant Kasar, all Board Directors, and Managing Director Mrs. Apekshita Thipsay were present at the meeting.