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HDFC Bank and Centurion Bank of Punjab receive RBI approval for merger
Posted Date: 23 Jun 2008 Resource Type: News/Announcements Category: General
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Posted By: Lenin Member Level: Diamond
Rating:  Points: 2
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HDFC Bank and Centurion Bank of Punjab
receive RBI approval for merger
Mumbai, May 20, 2008: The Reserve Bank of India (RBI) has approved the scheme of
amalgamation of Centurion Bank of Punjab Ltd. with HDFC Bank Ltd. with effect from May 23,
2008. All the branches of Centurion Bank of Punjab will function as branches of HDFC Bank with
effect from May 23, 2008. With RBI’s approval, all requisite statutory and regulatory approvals for
the merger have been obtained.
The combined entity would have a nationwide network of 1,167 branches; a strong deposit base
of around Rs. 1,22,000 crores and net advances of around Rs. 89,000 crores. The balance sheet
size of the combined entity would be over Rs. 1,63,000 crores.
About HDFC Bank
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 using
multiple distribution channels including a pan-India network of branches, ATMs, phone banking,
net banking and mobile banking. 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.
The bank's competitive strength clearly lies in the use of technology and the ability to deliver
world-class service with rapid response time. Over the last 13 years, the bank has successfully
gained market share in its target customer franchises while maintaining healthy profitability and
asset quality.
As on March 31, 2008, the Bank had a network of 761 branches and 1,977 ATMs in 327 cities.
For the year ended March 31, 2008, the bank reported a net profit of INR 15.90 billion
(Rs.1590.2crore), up 39.3%, over the corresponding year ended March 31, 2007. As of March 31,
2008 total deposits were INR 1,007.69 billion, (Rs.100,769 crore) up 47.5% over the
corresponding year ended March 31, 2007. Total balance sheet size too grew by 46.0% to INR
1,331.77 billion (133177 crore).
Leading Indian and international publications have recognized the bank for its performance and
quality.
For more information please log on to: www.hdfcbank.com
About Centurion Bank of Punjab:
Centurion Bank of Punjab is one of the leading new generation private sector banks in India. 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 offers its customers an array of wealth management products such as mutual
funds, life and general insurance and has established a leadership 'position'. 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.
On 29th August 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, 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 404 branches and
452 ATMs in 190 locations across the country, supported by employee base of over 7,500
employees. In addition to being listed on the major Indian stock exchanges, the Bank’s shares
are also listed on the Luxembourg Stock Exchange.
For more information log on to www.centurionbop.co.in
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