Citizens Bank acquires Premier Finance Limited; swap ratio not disclosed yet

ShareSansar, March 8:

Citizens Bank International Limited acquired Premier Finance Limited after the two companies signed an agreement in this regard on Wednesday. The bank has been focusing on acquisition to increase its capital.

The details about the swap ratio have not been made public.    

The paid up capital of Citizens Bank will rise to Rs 2.58 arba after the acquisition of the Premier Finance which has a paid up capital of Rs 12.70 crore. Citizens Bank had earlier acquired Nepal Housing and Finance and People’s Finance.  

Citizens Bank has posted a net profit of Rs. 3.22 crore in its 2nd quarter of the fiscal year 2071/72.

After the information about the acquisition of Premier Finance by Citizens Bank was out, the share price of Premier Finance jumped to Rs 146 kitta.