HDFC Bank, India’s third-biggest by market value, has agreed to buy Centurion Bank of Punjab in a deal likely to trigger further consolidation in the country’s banking sector ahead of moves to allow greater access to foreign groups.  The boards of both banks will meet on Monday to set the share-swap ratio, the Mumbai-based lenders said in a joint statement. Centurion, whose chairman is Rana Talwar, the former Standard Chartered chief executive, has a market value of Rs106bn ($2.6bn).

This entry was posted by Gwen Robinson on Monday, February 25th, 2008 at 5:32 and is filed under Capital markets, M&A. Tagged with Centurion Bank, HDFC Bank. Edit this entry.