Kathmandu, Jan. 6
Citizens Bank has finalised the acquisition deal
with Tinau Mission Development Bank. The two banks signed an agreement for the same
on Wednesday in Kathmandu.
Coordinator of the Merger and Acquisition Committee
of the Citizens Bank Prabal Jung Pandey and Coordinator of Merger Committee of
Tinau Mission Rajendra Prasad Ojha signed the agreement in a programme.
Citizens is a class ‘A’ commercial bank and Tinau Mission
is a class ‘B’ development bank. The merged company will begin joint
transaction after the Nepal Rastra Bank’s approval to the merger proposal
ratified by the special general meeting of both the companies.
The share swap ratio is 100:96 for Tinau Mission.
After the merger, the new company will have Rs. 124
billion deposit while loan mobilisation would reach Rs. 102 billion. Likewise,
paid up capital will be 11.66 billion.
It will have 163 branches across the country.
Published in The Rising Nepal daily on 7 January 2021.
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