PRIVATE SECTOR BANKS IN INDIA – CENTURION BANK
PRIVATE BANKS IN INDIA – CENTURION BANK
The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that provided retail and corporate banking services. It operated on a strong nationwide franchise of 403 branches and had over 5,000 employees. The Bank’s shares were listed on the major Indian stock exchangesand on the Luxembourg Stock Exchange.
On 23 May 2008 HDFC Bank acquired Centurion Bank of Punjab.
In 1994 Centurion Bank was incorporated on 30 June 1994 and received its certificate of Commencement of Business on 20 July. It was a joint venture between 20th Century Finance Corporation and its associates and Keppel Group of Singapore through Kephinance Investment (Mauritius). Centurion had a network of ten branches, which grew to 29 branches the next year. In 1995 Centurion Bank amalgamated 20th Century Finance Corporation. In 2005 On 29 June 2005, the Boards of Directors of Centurion Bank and Bank of Punjab agreed to a merger of the two banks. The combined bank took as its name Centurion Bank of Punjab. Bank of Punjab had been founded in 1995. In 2006 Centurion Bank of Punjab acquired Kochi-based Lord Krishna Bank. Lord Krishna Bank had been established at Kodungallur in Thrissur District, Kerala in 1940. During the 1960s, Lord Krishna acquired three commercial banks: Thiyya Bank, Josna Bank and Kerala Union Bank. In 2008 HDFC Bank acquired Centurion Bank of Punjab.