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While the Public Sector Banks needed time to adapt their wide and far flung branch-based database to operate through the net technology , both ICICI & HDFC Banks, who did not have this baggage, surged ahead
Their initiatives in technology-led strategy gave them the image of leaders . All others were ‘me-too’
A name change has not been recommended in the plan only so as to keep it ‘name insensitive’ ( We have examples of Bank of Baroda, Bank of Maharashtra, Punjab National Bank – all PSU banks though)
However, it was recommended that some detailed research carried out on the advantages and disadvantages of continuing with a name that was restrictive and has associations of agriculture and regionalism
I have only provided one simple collage of a few media clips to provide the flavour of the media report being in sync with the strategy. Interested readers can search the world-wide-web of relevant period and can look at various media reports from other print, wire and visual media. Unnecessary media clips would have made the file too heavy to load anyways. And to find examples to support strategy reference, one can always do Google Search for media reports.
The Reserve Bank of India, the Indian Central Bank, approved the CBoP merger effective 1 October, 2005. The merger was at a swap ratio 9:4 and the combined bank was called Centurion Bank of Punjab
CBoP had a presence of 240 branches and extension counters, 386 ATMs, about 2.2 million customers. As on March 2005, the net worth of the combined entity was Rs. 69.6 million and at a capital adequacy ratio of 16.1%
“ The biggest merger in **Indian banking is about to happen. HDFC Bank will take over Centurion Bank of Punjab (CBoP) in an all-stock deal. The respective bank boards are likely to meet on Saturday to consider the merger proposal. The share-swap deal, worth over Rs 10,000 crore, may be worked around the current market price of Rs 57 a share of CBoP.
“ In the pecking order, the merged entity will still be way below India’s biggest private sector bank ICICI in terms of assets, but it will be significantly bigger than Axis Bank. On Wednesday, officials of both the banks held marathon meetings with a leading investment banker to discuss the finer points.”