The 20th Century Finance (TCFC) and the Keppel Tatlee Bank, of Singapore, through its Mauritius-based investment arm KIPL, are the main promoters of the bank. It also has equity participation from International Finance Corporation, of Washington and Asian Development Bank.

Even though the RBI guidelines stipulate a 40 per cent cap on promoter holdings in all the private sector bank, after the present issue the same in Centurion Bank would be higher than that level. In the present issue, 1.75 crore shares are reserved for theshareholders of the erstwhile TCFC.

According to the draft prospectus, the primary objective of the current issue is to comply with the existing RBI guidelines for private sector banks. Apart from this, the IPO would also help the bank to augment its networth to meet future capital adequacy requirements.

Retail banking is CBL's thrust area. At present, CBL has a network of 33 branches. Subsequent to the amalgamation of TCFC, the earstwhile TCFC offices are being converted into full fledged bank branches which will take the bank's network to 69 brnaches along with some marketing and administrative offices.

During fiscal 1999, the bank's total asstes grew to Rs 3104 crore from Rs 1574 crore in fiscal 1998. During the same period, the deposits of the bank grew by 72 per cent to Rs 2141 crore from Rs 1247 crore the previous year.

In fiscal 1999, from a total income of Rs 439.17 crore, CBL earned a net profit of Rs 21.44 crore. However, the net profit for the year was lower than the Rs 23.01 crore earnedduring fiscal 1998. This is so because following the amalgamation of TCFC, CBL had to take over the assets and liabilities of the finance company.

CBL has an employee stock option scheme operated by a trust. The trust has been allotted 12.5 lakh shares of the bank.

The shares of the bank will be listed at the stock exchnages at Mumbai and Mangalore and National Stock Exchange. The issue is lead managed by SBI Caps and ICICI Securities.