Centurion sees LKB merger by year-end

Expansion through acquisition and mergers would be Centurion Bank of Punjab's growth strategy for the next one or two years.

The bank is hopeful of getting RBI's nod for the merger of Lord Krishna Bank within this year. "We want to consolidate our presence through mergers. We are actively considering several other mergers," said Yateesh Srivastava, marketing director, Centurion Bank of Punjab, adding, "three years ago there was a thought that with which bank the Centurion Bank would merge with. Now it is the other way round"" which bank would merge with the Centurion Bank."

Merger with Lord Krishna Bank would add Rs 300 crore to Centurion Bank of Punjab's balance sheet,"" which is around Rs 18, 480 crore at present""and another 112 branches to its 279 branches. In total, the bank plans add more than 200 branches by December 2007 under the Centurion Bank of Punjab's banner.

Further, the bank would also raise Rs 500 crore through the qualified institutional placement this fiscal to maintain around 45 to 50 per cent annual growth rate, he said.