The Reserve Bank of India (RBI) has approved the merger of Centurion Bank of Punjab and Lord Krishna Bank with effect from August 29, 2007. All the branches of Lord Krishna Bank will function as branches of Centurion Bank of Punjab with effect from August 29, 2007. With the RBI's approval, all requisite statutory and regulatory approvals for the merger have been obtained.
The merger of the two banks will result in the creation of a leading private sector bank in the country with a nation-wide presence of over 400 branches and 450 ATMs. The combined bank with its in-depth coverage in Punjab, National Capital Region and Kerala will serve about 4 million customers and focus on its strengths in the retail, SME, agricultural and NRI segments.
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