Mega merger of HDFC and CBoP in the offing

New Delhi, Feb 22: In what could be a mega merger in the Indian banking sector, Centurion Bank of Punjab (CBoP) today said a meeting of the Board of Directors of the Bank will be held tomorrow to consider, in principle, a possible merger between Centurion Bank of Punjab Ltd and HDFC Bank Ltd.

The valuation of CBoP is expected to be close to Rs 12,000 crores and the key question will be on the price of the share swap. It is going to be the biggest merger in the banking space in the last few years. HDFC Bank has nearly 750 branches and has permission for an additional 200 branches. CBoP has nearly 400 branches. Post merger, both banks will have around 1,150-1,200 branches.

The news about the merger was informed by CBoP to the Bombay Stock Exchange (BSE).

UNI