Centurion Bank of Punjab announced that it has received the Reserve Bank of India’s approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.
Net profit of Centurion Bank of Punjab rose 14.90% to Rs 33.01 crore on 75.84% rise in total operating income to Rs 445.60 crore in Q1 June 2007 over Q1 June 2006.
Centurion Bank of Punjab’s principal activities are to provide banking and other financial services to corporate and private customers. It provides personal banking, cash management, retail loans and other financial services.