Kathmandu, July 5: Century Commercial Bank Limited has
received a letter of intent (LoI) from the Nepal Rastra Bank to acquire Seti
Finance Company Limited.
Issuing a press statement, the bank Wednesday said that it had
already got LoI to acquire Alpine Development Bank Limited while a Special
General Assembly of the company on 2 July had passed approval to acquire
Sagarmatha Finance Limited.
“The bank has already acquired Innovative Development Bank
and Araniko Development Bank and started joint operation,” read the statement.
According to the NRB provisions, ‘A’ class commercial bank’s
paid up capital should be Rs. 8 billion by the end of this fiscal year. So, the
bank said that it would separate funds from the profit of the current fiscal
year in order to fulfill the paid up capital requirement.
After the acquisition, the number of branches of the bank
will reach 90.
Currently, the bank has 53 branches, 33 ATMs, 15 branchless
banking and 5 extension counters.
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