Don’t miss the latest developments in business and finance.

HC okays Bank of Muscat merger with Centurion

Image
Our Banking Bureau Mumbai
Last Updated : Jan 28 2013 | 2:26 AM IST
 This thus clears all the legal hurdles for Bank of Muscat, permitting it to merge its single-branch operations based in Bangalore, with those of Centurion Bank.

 Further, in an unprecedented move, this will be the first time that a troubled private sector bank is rehabilitated through infusion of capital from private sources.

 With the capital infusion to the tune of Rs 219 crore in Phase I, Centurion Bank will be fully recapitalised with its capital adequacy ratio rising to 10 per cent.

 It might be recalled that the Bombay High Court (Goa Bench) had on September 12 approved the scheme of arrangement submitted by Sabre Capital Worldwide on the recapitalisation and restructuring of Centurion Bank.

 Sabre Capital had submitted a proposal in April 2003 to revive the private sector bank. The Reserve Bank of India

Also Read

First Published: Oct 28 2003 | 12:00 AM IST

Next Story