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

Bank of Baroda, one of the top five public sector banks in the country, will take over specific assets and liabilities of Mumbai-based Memon Co-operative Bank. The bank has received approvals for the takeover from the Government and the Reserve Bank of India.

Memon Co-operative Bank has major presence in Mumbai and Gujarat. Out of its 20 branches, 15 are in Mumbai and the rest in Gujarat. Its loan book is about Rs 200 crore and the deposit base is about Rs 290 crore with a CASA (current account and savings bank account) base of about 30 per cent. It has about 1.4 lakh customers.

Under the proposed takeover scheme, BoB is not obliged to take over the employees of Memon Co-operative.The co-operative bank has about 225 employees and BoB is yet to take a decision in this regard.