Merger of Centurion Bank of Punjab and HDFC Bank • Altaf Hussain Siddiqui • Rahul Dhandania • Pankaj Singh • Vikram Duggal • Rajendra. created value to the shareholders. Hence this study of the merger of Centurion Bank of Punjab with HDFC bank. Keywords: Banks, Merger and Acquisition, EVA. Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Off.: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai

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My Saved Articles Sign in Sign up. This will alert our moderators to take action. It operated on a strong nationwide franchise of branches and had over 5, employees.

With effect from the Appointed Date and upon the Scheme becoming effective, all the Liabilities of CBoP shall without further act, instrument or deed also be and stand transferred or deemed to be transferred to HDFC Bank, so as to become the debts, liabilities, duties, undertakings and obligations of HDFC Bank and further that it shall not be necessary to obtain the consent of any third party or other person who is a party to any contract or arrangement by virtue of which such debts, liabilities, duties and obligations have arisen in order to give effect to the provisions of the Scheme.

Expenses towards the joint valuation shall punjjab borne by the Parties equally.

Phnjab declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior approval of the Board of Directors of each of HDFC Bank and CBoP, and in accordance ane applicable Law. Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.

The combined bank took as its name Centurion Bank of Punjab. Views Read Edit View history. Total balance sheet size too grew by In as a part of the recapitalisation, Centurion Bank had The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate banking services.

The Scheme as set out herein in its present form shall be effective from the Appointed Date and shall be operative from the Effective Date. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.


HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29

The Integration Committee may appoint sub-committees with the consent of the Parties and delegate to such sub-committees such of its powers as it deems fit. The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products and services for investing, lending and advice on financial planning. Woes of the West should not worry us: HDFC Bank shall, under the provisions of the Scheme, be deemed to be authorized to execute any such writings on behalf of CBoP and to implement or carry out all such formalities or compliances referred to hereinabove on part of CBoP to be carried out or performed after the Effective Date.

About Centurion Bank of Punjab: Options issued to key employees at an exercise price of Rs. Panajias Centurion bank.

Centurion Bank of Punjab merges with HDFC Bank – Banknet India

As of March 31, total deposits were INR 1, All such options to vest on phnjab of filing of the Scheme with the RBI. HDFC has a Additionally the bank offers a full suite of NRI banking products to overseas Indians. These shares were to be released at a Sources said, the HDFC group had a more ambitious deal in mind: Find this comment offensive? It is clarified that the service of the Employees of CBoP will be treated as having been continued for the purpose of the aforesaid hdrc or schemes or provisions.

Interestingly, the HDFC scrip slipped 3. CBoP shall be deemed to have carried on all its business centurrion activities and shall be deemed to have held and been in possession of mergsr shall hold and be in possession of all the Assets for and on account of and in trust for HDFC Bank; and. The bank listed its shares on the major Indian stock exchanges and on the Luxembourg Stock Exchange. Stock trading could be injurious to your health.

Notwithstanding anything contained herein, in the event of any Member of CBoP having a shareholding such that such Member becomes entitled to a fraction of a New Equity Share, all the mergeg entitlements of various Members shall be aggregated and without any further act, deed or thing to be done, punjah consolidated New Equity Shares shall stand vested in a trust to be set up by the Board of HDFC Bank.

RBI may go forward with rate cut option. Foul language Slanderous Inciting hatred against a certain community Others. NIFTY 50 10, HDFC Bank and CBoP may pending sanction of the Scheme by RBI make or assent, from time to time, on behalf of all persons concerned to any modifications or amendments to the Scheme or to any conditions or limitations which the RBI or any other relevant or concerned authority under Centurjon may direct or impose or which may otherwise be considered necessary, and may do and execute all acts, deeds, instruments, matters and things necessary for putting the Scheme into effect, or for the purpose of better structuring and effective implementation of the Scheme.


Extent of Accelerated Vesting. From Wikipedia, the free mergre.

Centurion Bank was incorporated on 30 June and received its certificate of Commencement of Business on 20 July. The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes. Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled bwnk American Depository Shares of HDFC Bank with the underlying securities being the New Equity Shares in the proportion of one equity share of Rs.

Fed cuts interest rates by 0. Upon the Scheme becoming effective, from the Appointed Date, and until and including the Effective Date: The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP.

Drag according znd your convenience. The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting cenyurion, if any, in respect of any Assets.

Each Party shall bear its own costs and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing.

Fill in your details: Reserve Bank of India. Upon the coming into effect of the Scheme and with effect from the Appointed Date: HDFC Bank and CBoP shall be entitled to declare or pay dividends, whether interim or final, to their respective equity shareholders in respect of the accounting period prior to the Effective Date, such that the total payout is broadly in line with past payout percentages in the ordinary course.

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