Both the boards have resolved to pursue the merger subject to satisfactory due diligence, a fair share-swap ratio and all the requisite statutory, regulatory and corporate approvals, including those from the RBI, the stock exchanges, and the respective boards and shareholders of both banks, according to a media statement. Boards of both banks will meet again on February 25 to consider the swap ratio after receipt of the valuation reports and on February 28 to consider the draft scheme of amalgamation. The merger will be the biggest in the Indian banking space. The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP.
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The Scheme has been sanctioned in exercise of the powers contained in Sub-section 4 of Section 44A of the Banking Regulation Act, The combined entity would have a nationwide network of 1, branches; a strong deposit base of around Rs.
The balance sheet size of the combined entity would be over Rs. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. For the year ended March 31, , the bank reported a net profit of INR As of March 31, total deposits were INR 1, Total balance sheet size too grew by The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products and services for investing, lending and advice on financial planning.
The bank is also a strong player in foreign exchange services, personal loans, mortgages and agricultural loans. Additionally the bank offers a full suite of NRI banking products to overseas Indians. This merger has further strengthened the geographical reach of the Bank in major towns and cities across the country, especially in the State of Kerala, in addition to its existing dominance in the northern part of the country.
Centurion Bank of Punjab now operates on a strong nationwide franchise of branches and ATMs in locations across the country, supported by employee base of over 7, employees. Click here Cross-border banking consolidation continues Click here.
Centurion Bank of Punjab to merge with HDFC Bank
Centurion Bank of Punjab