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Date of investment: March 2006

IVFA held Centurion Bank of Punjab as its original investment. Centurion Bank primarily focused on retail, SMEs and agriculture. The bank had a nationwide retail distribution reach with 240 branches and 386 ATMs. In May 2008, Centurion Bank merged with HDFC Bank.

HDFC Bank is the second largest private sector bank in India. It has a large retail distribution network, which has been further strengthened by the acquisition of Centurion Bank of Punjab. As a result of the acquisition, the Bank’s distribution network has expanded to include 1,412 branches and 3,295 ATMs reaching 528 cities across India as on March 2009. IVFA divested its stake in May 2009.

  • IVFA investment rationale >
    • Banking sector will continue to witness good growth in line with the growth of the Indian economy
    • Consumer and retail banking is under penetrated
    • With its distribution reach, clean balance sheet and high quality management team, Centurion Bank will be a prime acquisition candidate

Detailed information on the Company is available at: www.hdfcbank.com