Financial Daily from THE HINDU group of publications
Tuesday, Jan 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jan 20, 2004 |
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Money & Banking
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Private Banks Centurion package gets RBI nod Our Bureau
Mumbai , Jan. 19 CENTURION Bank Ltd today informed the exchanges that the Reserve Bank of India on January 19 accorded its approval to the scheme of arrangement between the Bank Muscat (SAOG), Centurion Bank and the shareholders of the bank. This includes the merger with Bank Muscat and the reduction of capital of the bank. The scheme envisages reduction in the existing face value of the share from Rs10 each to Re 1. Meanwhile, the merger with Oman-based, Bank Muscat is working towards completion by March 31. The new CEO, Mr Shailendra Bhandari, appointed by the new management team of Sabre Capital Worldwide and its group of investors, is expected to join by month-end even as the incumbent, CMD, Mr V. Janakiraman has got an extension to stay on in his post till February end, said a Centurion Bank official. The first phase of capital infusion of Rs 154 crore to be brought in by the Sabre group is expected to take place in the coming fortnight. The FDI investment inclusive of FII holding is expected to be at 72 per cent.
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