Centurion Bank of Punjab
| Company type | Private sector bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | June 30, 1994 in India |
| Defunct | May 23, 2008 |
| Fate | Taken over by HDFC Bank |
Area served | India |
| Products | Retail banking, Corporate banking |
Number of employees | 5000+ |
The Centurion Bank of Punjab—previously known as Centurion Bank and Bank of Punjab—was an Indian private sector bank that provided both retail and corporate banking solutions. It maintained a network of 403 branches throughout India and employed more than 5,000 staff members. The bank was publicly traded on leading Indian stock exchanges as well as the Luxembourg Stock Exchange. On 23 May 2008, it was taken over by HDFC Bank.
History
Incorporated on 30 June 1994, Centurion Bank began its operations on 20 July of the same year. It was established as a joint venture between 20th Century Finance Corporation and Singapore’s Keppel Group through Kephinance Investment (Mauritius). Initially launching with ten branches, the bank expanded its presence to 29 branches within its first year and merged with 20th Century Finance Corporation in 1995.
On 29 June 2005, Centurion Bank combined with Bank of Punjab—also founded in 1994—resulting in the formation of Centurion Bank of Punjab. The bank further expanded in 2007 by acquiring Lord Krishna Bank, headquartered in Thrissur. Shortly thereafter, HDFC Bank, which commenced operations in the same year as Centurion Bank, acquired it.