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India HDFC Bank to take over Centurion Bank-report


Fri Feb 22, 2008 4:17am GMT

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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 Economic Times
said on Friday in an unsourced report.

The Economic Times said the deal may value shares in Centurion Bank at 57 rupees
per share, or roughly the price at which the shares closed on Thursday after having
jumped 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 merger


talks, HDFC Bank said, "presently there is no such proposal for the consideration of
the 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 boards
of 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 official
as saying the bank was "open to mergers and acquisitions in order to expand its
horizon".

Last week the Economic Times had said Centurion Bank was in merger talks with
ICICI Bank (ICBK.BO: Quote, Profile, Research), HDFC Bank and Infrastructure
Development 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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