Cosmos Coop Bank merges Sahebrao Deshmukh Co-op Bank with itself

Cosmos Bank buys SDC Bank

Pune-based 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,  Rs 143.40 crore belonging to SDC Bank depositors are now secure. Cosmos Bank’s business — advances plus dep­osits — is about Rs 31,660 crore with net owned funds in excess of Rs 2,000 crore. Abhijit lele

PNB, Canara Bank raise Rs 8,000 crore

Punjab National Bank (PNB) and Canara bank raised Rs 8,000 crore on Tuesday through additional tier-I and 10-year infrastructure bonds, respectively.  While PNB raised Rs 3,000 crore  at a coupon of 8.59 per cent, Canara Bank raised Rs 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 Rs 1,000 crore through 15-year bonds at a coupon of 7.49 per cent, which was better than what the market had expected. Anjali Kumari