Centurion Bank of Punjab is a leading private sector bank, which is self-formed by the merger of Centurion Bank and Bank of Punjab in 2005.
True North took a stake in the bank in March 2006, believing that the consumer and retail banking sector was under penetrated, and any bank that could offer wide distribution reach, a clean balance sheet, and a high-quality management team would be a prime candidate for acquisition.
By 2008, Centurion Bank of Punjab, which primarily focused on retail, SMEs and agriculture, had a nationwide retail distribution reach with 240 branches and 386 ATMs.
In May 2008, Centurion Bank merged with HDFC Bank, which was the second largest private sector bank in India. The acquisition strengthened the latter’s large retail distribution network, and by March 2009, it had 1,412 branches and 3,295 ATMs across 528 cities in India.
True North divested its stake in May 2009.