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Ganesh Bank amalgamated with Federal Bank

Staff Reporter

KOCHI: The Government of India has issued a notification on September 1 specifying that the scheme of amalgamation of Ganesh Bank of Kurundwad Limited with Federal Bank Limited will be effective from September 2, 2006. The Government had already approved the scheme of amalgamation. The Supreme Court had also upheld it.

The Ganesh Bank has eight branches in Karnataka and 24 branches in Maharashtra. With the amalgamation, the branch network of Federal Bank in these States has increased to 65, according to a press release issued by Federal Bank. Federal Bank, with 330 branches in Kerala and 127 branches outside Kerala, have been looking at the possibilities of expanding their branch network. All the 32 branches of Ganesh Bank, except a couple of them, are located in centres where Federal Bank does not have branches. Federal Bank considers the Konkan belt as a very potential growth centre considering the thrust it gives for agricultural and SME advances. The total deposits of Ganesh Bank are about Rs.200 crore and the advances Rs.100 crore. The bank has already started operations from September 2.

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