RBI nod for Centurion-Bank of Punjab merger

Centurion Bank and Bank of Punjab have received regulatory approval from the Reserve Bank of India (RBI) for the merger of the two banks, effective October 1, 2005. The merger had been approved by the boards of directors and shareholders of both banks at a swap ratio 9:4. The combined bank is proposed to be called Centurion Bank of Punjab, and will build upon the strong brand identities of the two banks in their respective markets.