8/9/2019 India HDFC Bank to Take Over Centurion Bank

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India HDFC Bank to take over Centurion Bank-report

Fri Feb 22, 2008 4:17am GMT

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- Text + MUMBAI, Feb 22 (Reuters) - India's HDFC Bank Ltd (HDBK.BO: Quote,

Profile, Research) is set to take over smaller rival Centurion Bank of Punjab CENB.BO

in an all-stock deal worth more than 100 billion rupees ($2.5 billion), the EconomicTimes said on Friday in an unsourced report.

The Economic Times said the deal may value shares in Centurion Bank at 57 rupeesper share, or roughly the price at which the shares closed on Thursday after havingjumped 14 percent on the day, when speculation of such a deal intensified.

On Thursday, in a notice to the stock exchange due to a media report of mergertalks, HDFC Bank said, "presently there is no such proposal for the consideration ofthe board of directors".

Centurion Bank, in a notice to the exchange on Thursday, said it did not comment on

speculative reports.

Officials from both banks had met with a leading investment banker and the boardsof the two banks were likely to meet on Saturday to consider the merger proposal,the Economic Times said.

The Financial Express paper on Friday cited an unnamed top Centurion Bank officialas saying the bank was "open to mergers and acquisitions in order to expand itshorizon".

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Last week the Economic Times had said Centurion Bank was in merger talks withICICI Bank (ICBK.BO: Quote, Profile, Research), HDFC Bank and InfrastructureDevelopment Finance Co (IDFC.BO: Quote, Profile, Research).

At that time, a Centurion Bank spokesman had denied the report. ($1=39.9 rupees)(Reporting by Rina Chandran; Editing by John Mair)

Thomson Reuters 2008 All rights reserved.

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