The Hindu Business Line : Centurion, Bank of Punjab shareholders okay merger

THE shareholders of Centurion Bank and Bank of Punjab, at their extraordinary general meeting held today, approved the proposed merger of the two banks.

The share swap ratio has been fixed at nine shares of Centurion Bank for every four shares of Bank of Punjab.

The boards of both banks had approved the merger proposal on June 29.

The banks will now make an application to the Reserve Bank of India for its approval.

The merged entity is proposed to be re-named "Centurion Bank of Punjab" subject to statutory and regulatory clearances.

Once approved by the regulator, the merger will result in the creation of a private sector bank with a nation-wide presence of about 238 branches and extension counters, 384 ATMs, about 2.2 million customers.

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Centurion, Bank of Punjab shareholders okay merger