the creation of the Centurion Bank of Punjab and later on 25 feb, HDFC Bank acquired the Centurion Bank of Punjab. (CBoP) for Rs 9, The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May HDFC Bank acquired Centurion Bank of Punjab. size through expansion, diversification and merger and acquisitions. The merger between HDFC Bank and Centurion Bank of Punjab (CBOP) was billed as.
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HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
HDFC Bank shall record for the deferred tax asset, if any, with respect to provision. Defunct banks of India Banks established in establishments in India. It operated on a strong nationwide franchise banm branches and had over 5, employees.
In this Scheme as defined herein belowunless inconsistent with the subject or context, the following expressions shall have the following meaning: On Wednesday, officials of both the banks held marathon meetings with a leading investment banker to discuss the finer points. With effect from the Appointed Date and upon the Scheme becoming effective, all the Liabilities of CBoP shall without further act, instrument or deed also be and stand transferred or deemed to be transferred to Scquisition Bank, so as to become the debts, liabilities, duties, undertakings and obligations of HDFC Bank and further that it shall not be necessary to obtain the consent of any third party or other person who is a party to any contract or arrangement by virtue of which such debts, liabilities, duties and obligations have arisen in order to give effect to the provisions of the Scheme.
Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Bank
The Scheme is specifically conditional upon and subject to: Each Party shall bear its own costs and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing. Get instant notifications from Economic Times Allow Not now.
Woes of the West should not worry us: Centurion Bank of Punjab Limited. Interestingly, the HDFC scrip slipped 3. To see your saved stories, click on link hightlighted in bold. Foul language Slanderous Inciting hatred against a certain community Others.
Notwithstanding anything contained herein, in the event of any Member of CBoP having a shareholding such that such Member becomes entitled to a fraction of a New Equity Share, all the fractional entitlements of various Members shall be aggregated and without any further act, deed or thing to be done, such consolidated New Equity Shares shall stand vested in a trust to be set up acwuisition the Board of Acauisition Bank. From Wikipedia, the free encyclopedia. Are you a Business Owner?
Centurion Bank of Punjab to merge with HDFC Bank – The Economic Times
For the purpose of giving effect to the Scheme as sanctioned by the RBI, the Board of Directors of HDFC Bank may give all such directions which are not inconsistent with the provisions of the Scheme as are necessary, expedient, ancillary or desirable including directions for settling or removing any question of doubt or difficulty that may arise with regard to the implementation of the Scheme, as it thinks fit, and such determination or directions as the case may be, shall be binding on all persons connected herewith or otherwise interested in the Scheme.
Centurion had a network of ten branches, which grew to 29 branches the next year. Nothing contained herein shall restrict the issuance of equity shares of CBoP upon exercise of the stock options and. Fed cuts interest rates by 0. HDFC Bank shall give a notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or depositees, as the case may be, that pursuant to the order of the RBI having sanctioned the Scheme, the said debt, loan, advances, etc.
The biggest merger in Indian banking is about to happen.
NIFTY 50 10, 2. The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes. Views Read Edit View history. On 29 Junethe boards of directors of Centurion Bank and ;unjab of Punjab agreed to a merger of the two banks.
Centurion Bank of Punjab
The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets.
The transfer of properties and liabilities under Clause 4 above and the continuance of proceedings by or against CBoP shall not affect any transaction or proceedings already concluded by CBoP until the Effective Date, to the end and intent that HDFC Bank accepts and adopts all acts, deeds and things done and executed by CBoP in respect thereto as done and executed on behalf of itself. Upon the Scheme becoming effective, from the Appointed Date, and until and including the Effective Date: While last time it fell through on valuation reasons, what has worked this time is the personal equation between the top brass of the two banks.
Extent of Accelerated Vesting. In so far as New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating to the account with the Depository Participant are available to HDFC Bank.
HDFC has a Upon the Scheme becoming effective, in connection with the global depository receipts with the equity shares centuurion CBoP being the underlying securities, the Board of HDFC Bank may take any of the following actions at its sole discretion: The respective bank boards are likely to meet on Saturday to consider the merger proposal.