Cosmos Bank receives approval for amalgamation of National Cooperative Bank, Bengaluru at Special General Meeting

During the Special General Meeting held on 7th September 2024, 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.

Chairman, CA Milind Kale informed that, “Bengaluru based National Cooperative Bank Ltd., has total 13 branches, of which 12 are located at Bengluru and 1 is located at Mysore. Adding further CA Kale said, “business set-up of National Cooperative Bank at the end of August 2024 is Rs. 1,393 Crore. Up till now Cosmos Bank has amalgamated 18 small cooperative banks. 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.”

In the Special General Meeting held by National Cooperative Bank on 8th September 2024, out of 3454 Members present, 3249 Members (94.06%) 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 95.36%.

In the Special General Meeting held at Cosmos Bank on 7th September 2024, 97.47% of the Members present, voted in favor of the amalgamation. The total value of the shares of Members voting in favor of amalgamation is 99.82%.

The amalgamation proposal will soon be sent to The Reserve Bank of India for further approval by Cosmos Bank.

Vice Chairman – CA Yashwant Kasar, all Directors of the Board and Managing Director – Mrs. Apekshita Thipsay were present for the Special General Meeting.