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Cosmos Co-operative Bank concludes 18 mergers
September 27, 2023
Cosmos Coop Bank has merged Mumbai-based troubled Sahebrao Deshmukh Co-operative Bank (SDC Bank) with itself. With this, Cosmos has added 11 branches to its network 10 in Mumbai and one in Satara. Now, Cosmos would have 170 branches in seven states across India. In May 2023, it had merged Marahta Co-op Bank. Till now it has acquired 18 small UCBs.
With the merger, ₹143.40 crore belonging to SDC Bank depositors are now secure. Cosmos Bank’s business advances plus deposits is about ₹31,660 crore with net owned funds in excess of ₹2,000 crore.
Punjab National Bank (PNB) and Canara bank raised ₹8,000 crore on Tuesday through additional tier-I and 10-year infrastructure bonds, respectively. While PNB raised ₹3,000 crore at a coupon of 8.59 per cent, Canara Bank raised ₹5,000 crore at a coupon of 7.54 per cent. Lenders who were previously awaiting State Bank of India’s cut-off are lined up to tap the market during the week.
On Friday, SBI issued its second tranche of infrastructure bonds. It raised ₹1,000 crore through 15-year bonds at a coupon of 7.49 per cent, which was better than what the market had expected.
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