Century Commercial Bank, Alpine Dev. Bank & Seti Finance to commence joint transaction from Mangsir 24 as Century Commercial Bank

Nepal Rastra Bank has provided final approval for the acquisition of Alpine Development Bank Limited (ALDBL) and Seti Finance Limited (SETI) by Century Commercial Bank Limited (CCBL) on Mangsir 11, 2074. The joint transaction of both companies will start from Mangsir 24, 2074. The new entity will be named as “Century Commercial Bank Limited ” as a class “A” commercial bank. After the acquisition, the registered office of the bank will be at Putalisadak, Kathmandu. CCBL has acquired Alpine Development Bank and Seti Finance in a share swap ratio of 100: 93 and 100:70 respectively from its SGM held on Bhadra 3, 2074. Shareholders of Alpine Development Bank holding 100 shares will be given 93 shares of Century Commercial Bank. Likewise, Seti Finance holding 100 shares will be given 70 shares of Century Commercial Bank After the acquisition its paid up capital will reach Rs 6 arba. CCBL had issued 40% (worth Rs 1.88 arba) right shares to its shareholders from Shrawan 16 till Ashwin 2, 2074. To meet the capital requirement of Rs 8 arba, Century Commercial Bank will provide from the profit it earned in the last FY 2073/74.