New Delhi, May 21 (UNI) The Reserve Bank of India (RBI) has approved merger of Centurion Bank of Punjab with HDFC Bank, creating an entity with a deposit base of Rs 1,22,000 crore.
From Friday when the approval takes effect, the combined network of 1,167 branches of the merged entity will function as HDFC Bank's branches.
Having a balance sheet of over Rs 1,63,000 crore, the combine's net advances stand at around Rs 89,000 crore, said HDFC Bank today.
Promoted in 1995 by Housing Development Finance Corporation, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its over 11 million customers across the country.
As on March 31, the Bank had a network of 761 branches and 1,977 ATMs in 327 cities.
Its net profit for fiscal ended March 2008, was Rs 471.1 crore.
Centurion Bank of Punjab, one of the leading new generation private sector banks, had taken over Lord Krishna Bank on August 29, 2007. It now operates a nationwide franchise of 404 branches and 452 ATMs in 190 locations across the country. Besides being listed on major Indian stock exchanges, the Bank's shares are also listed on the Luxembourg Stock Exchange.
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