Centurion Bank of Punjab - LKB merger okayed

Tuesday, 28 August 2007, 07:00 Hrs
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Mumbai: The Reserve Bank of India (RBI) has approved the merger of Centurion Bank of Punjab and Lord Krishna Bank with effect from Wednesday.

All the branches of Lord Krishna Bank will function as branches of Centurion Bank of Punjab. With the RBI's approval, all requisite statutory and regulatory approvals for the merger have been obtained, a press communiqué said Tuesday.

The merger of the two banks will result in the creation of a leading private sector bank in the country with a nationwide presence of over 400 branches and 450 ATMs.

The combined bank with its in-depth coverage in Punjab, the National Capital Region (NCR) and Kerala will serve about four million customers and focus on its strengths in the retail, small and medium enterprises (SME), agriculture and non-resident Indian (NRI) segments.
Source: IANS
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