Every month, we bring you a listing of the biggest deals struck by Indian companies in India and abroad. Our partner: global professional services firm Ernst & Young. Here are the deals that were struck in February 2008.
Deal Particulars: The boards of HDFC Bank and Centurion Bank of Punjab (CBoP) have approved the merger of CBoP with HDFC Bank. The banks have agreed on a share swap ratio of 1:29, as suggested by independent joint valuation advisors Ernst & Young Private limited and Dalal & Shah.
Impact Analysis: The deal is in line with HDFC Bank’s strategy to look out for a suitable partner that would add scale, geography and experienced manpower to its franchise. Post merger, the combined entity, which will continue to be called HDFC Bank, will have 1,148 branches nationwide (the largest among private sector banks), a deposit base of around Rs 1.2 lakh crore, net advances of around Rs 85,000 crore. The balance sheet size of the combined entity would be over Rs 1.5 lakh crore.