Centurion Bk of Punjab mulls acquisition

Centurion Bank of Punjab is looking for acquisitions to increase
its presence in the domestic market.

"Acquisition is part of our strategy. We will grab the opportunity as and when it comes," Shailendra Bhandari, CEO of the bank, told PTI from Goa where the bank's board met recently.

He said the acquisition would be aimed at increasing the bank's presence, and would be carried out in such a manner that there would not be too many overlap of branches.

Centurion Bank of Punjab has 240 branches, mainly concentrated in the north and south. It has a reasonable presence in the west but limited presence in the east.

Asked whether the bank would look at any bank in the east for acquisiton, Bhandari evaded any direct answer.

To fund the acquisition and other expansion plans, the bank would raise up to Rs 416 crore from the overseas or domestic markets. It would also increase its authorised capital to Rs 250 crore from Rs 150 crore by issuing an additional 20 crore shares to three private equity investors.