Wednesday, August 03, 2005

Centurion Bank of Punjab gets approval of shareholders

The shareholders of Centurion Bank, at their extraordinary general meeting held in Panaji and the shareholders of Bank of Punjab Ltd at their annual general meeting held today in Chandigarh, approved the proposed merger of the two banks. The banks will now make an application to the Reserve Bank of India (RBI) for the regulator's approval. The merged entity is proposed to be under the brand name "Centurion Bank of Punjab'' subject to statutory and regulatory clearances and would build upon the strong brand identities of the two banks. Once approved by the regulatory, the merger will result in the creation of a leading private sector bank in India with a nation-wide presence of about 238 branches and extension counters, 384 ATM's, about 2.2 million cutomers and strength in the retail, SME and agricultural segments.