RBI approves Centurion Punjab, HDFC merger

Mumbai, May 20 (UNI) The Reserve Bank of India (RBI) has approved the scheme of amalgamation of Centurion Bank of Punjab with HDFC Bank, with effect from May 23.

All the branches of Centurion Bank of Punjab will function as branches of HDFC Bank with effect from May 23. All requisite statutory and regulatory approvals for the merger have been obtained, the release said.

The combined entity would have a nationwide network of 1,167 branches, a strong deposit base of around Rs 1,22,000 crore and net advances of around Rs 89,000 crores. The balance sheet size of the combined entity would be over Rs 1,63,000 crore.

Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, 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 hundreds of Indian cities.

As on March 31, the Bank had a network of 761 branches and 1,977 ATMs in 327 cities. On August 9 2007, Centurion Bank of Punjab merged with Lord Krishna Bank (LKB), post obtaining all requisite statutory and regulatory approvals. This merger has further strengthened the geographical reach of the Bank in major towns and cities across the country.

Centurion Bank of Punjab now operates on a strong nationwide franchise of 404 branches and 452 ATMs in 190 locations across the country, supported by employee base of over 7,500 employees.

UNI AR SR SKB2035