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Our Bureau

Kolkata April 26 Centurion Bank of Punjab expects the Kerala High Court to pass a judgment in May in the case concerning the merger of Lord Krishna Bank.

The merger will still require an RBI approval, which, subject to the court order, is expected to come in the April-June quarter.

CBoP, said Mr Shailendra Bhandari, Managing Director & CEO, hopes to emerge as the dominant player in the banking space in certain areas of South India, thanks to the strengths developed by the Kochi-based Lord Krishna Bank.

Merger process

"If we get the RBI permission, we will quickly go ahead with the merger process. LKB shares will be extinguished", he said. Approvals by the boards and shareholders of the two banks have been secured already.

The bank, Mr Bhandari mentioned, has almost doubled its size between October 2005 and March 2007. Its total business now stands at about Rs 26,000 crore.

CBoP expects to add critically to its reach, courtesy the merger. Its post-merger network will include over 400 branches and nearly 450 ATMs.

More Stories on : Mergers & Acquisitions | Courts/Legal Issues | Private Banks

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