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Allahabad Bank keen to acquire Pune’s Rupee Bank

Allahabad Bank is keen to acquire the assets and liabilities of ailing Pune-based Rupee Cooperative Bank. Shubhlakshmi Panse, CMD of Allahabad Bank, said the bank is interested in the proposal as it wants to scale up presence in Pune, which had a thriving middle class and immense business opportunities. Currently, Allahabad Bank has six branches in the city. Panse said after chartered accountants conducted due diligence and subsequent to the bank studying their report the bank would take a decision on the matter. The RBI had placed Ruppe Cooperative Bank under an administrator in February 2013 owing to the bank’s deteriorating financial health and the mounting portfolio of bad loans. In 2009 Indian Overseas Bank merged Pune-based Suvarna Sahakari Bank in the first instance of a public sector bank acquiring an urban cooperative bank. In 2010, Bank of Baroda took over the assets and liabilities of Memon Cooperative Bank.

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