Bank of Baroda to take over part of Memon Co-op Bank

14 Sep 2010

1

Bank of Baroda (BoB) will take over specific assets and liabilities of Mumbai-based Memon Cooperative Bank Ltd, ahead of a full acquisition of the private bank.

BoB has received approval from the government and the Reserve Bank of India for the purpose.

The bank will formulate a scheme for the takeover, which will be subject to further approvals from the appropriate authorities, BoB said in a filing with the Bombay Stock Exchange (BSE).  

State-run Bank of Baroda had, last week, announced plans to raise up to Rs4,000-crore capital in the current fiscal.

"We have the scope to raise between Rs3,000 crore-Rs4,000 crore in the current fiscal.

The funds would be raised as Tier-I and Tier-II capital," BoB's chairman and managing director M D Mallya, told reporters on the sidelines of a banking conference in Mumbai.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more