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HDFC Bank swap ratio decision on Feb. 25

MUMBAI: The boards of HDFC Bank and Centurion Bank of Punjab met on Saturday to consider, in-principle, a merger between the two banks and the two boards have resolved to pursue the merger, subject to satisfactory due diligence, a fair share-swap ratio and all the requisite statutory, regulatory and corporate approvals, including those from the Reserve Bank of India, the stock exchanges, and the respective boards and shareholders of both banks.

“The boards of both banks will meet on February 25 to consider the swap ratio after the receipt of the valuation reports; and on February 28 to consider the draft scheme of amalgamation and any other matters as required,” stated a release issued jointly by HDFC Bank and Centurion Bank of Punjab.

Promoted in 1995 by Housing Development Finance Corporation (HDFC), a leading housing finance company, HDFC Bank is one of the premier banks providing a wide range of financial products and services

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