Centurion Bank of Punjab to merge with Lord Krishna Bank

Mumbai, Aug 19 (UNI) The Board of Centurion Bank of Punjab today gave an in-principle consent to merge itself with Lord Krishna Bank.

The bank informed the Bombay Stock Exchange that their board, in its meeting held on August 19, 2006, has approved an in-principle consent to pursue the merger. However, both the parties have to decide on the terms of the merger and valuation reports. The merger details shall be worked out by the board at its meeting to be held on September 4, 2006.

The merger deal is subject to satisfaction of necessary due diligence, a fair share swap ratio and approvals from the Reserve Bank of India, stock exchanges and other requisite statutory and regulatory authorities.

Ambit Corporate Finance and DSP Merrill Lynch are the investment bankers of the Bank and Lord Krishna Bank respectively in this transaction.

N M Raiji&Co, chartered accountants and Deloitte Haskins&Sells, chartered accountants have been jointly appointed as the independent valuers to determine the share swap ratio.

UNI SN WD SKB1803