Mumbai: Share of Centurion Bank of Punjab today surged as much as 17 per cent amid reports of HDFC Bank being in advanced merger talks with the private sector lender.

According to private news channel CNBC-TV 18, HDFC Bank might be in merger talks with Centurion Bank of Punjab which are at a critical stage. The chances are also that the merger deal would go through, the report added. When contacted CBoP's spokesperson said, "we don't comment on market speculation".

CBoP, which is the fourth largest private sector bank has about 394 branches across 180 locations. The scrip touched an intra-day high of Rs 58.4 gaining 17 per cent over yesterday's close of Rs 49.85 on the BSE. It finally closed at Rs 57.05, up 14.44 per cent. A total of 1.58 crore CBoP shares changed hands at the exchange.

Shares of HDFC Bank settled up 0.55 per cent at Rs 1,542.90 on the BSE. Centurion Bank of Punjab's major shareholders include Bank of Muscat, HSBC Finance, Saber Capital. Bank of Muscat hold the maximum equity of 14 per cent in the bank.

Source : PTI