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Our Bureau

Mumbai , Sept. 26

THE Reserve Bank of India today approved the merger of Centurion Bank and Bank of Punjab, effective from October 1, 2005.

The combined bank is proposed to be called Centurion Bank of Punjab, said a press release from the bank.

The boards of directors and the shareholders of both banks had already approved the merger on August 3, 2005.

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

While Centurion Bank has a strong presence in West and South, Bank of Punjab has a strong presence in North India.

According to the press release, post merger, the bank would have 240 branches and extension counters, 386 ATMs and about 2.2 million customers.

As per the pro forma combined figures, as on March 2005, the net worth of the combined entity is Rs 696 crore and the capital adequacy ratio is 16.1 per cent.

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