Century Bank receives LOI from Nepal Rastra Bank to acquire Araniko & Innovative Dev. Bank

Century Commercial Bank Limited (CCBL) has received Letter of Intent (LOI) from Nepal Rastra Bank to acquire Innovative Development Bank Limited and Araniko Development Bank Limited. Earlier the commercial bank had signed Memorandum of Understanding (MOU) with both development banks. The bank has recently got approval from Securities Board of Nepal (SEBON) for Application Supported by Blocked Amount (ASBA) system. At present, the bank has deposit base of Rs 31.68 arba and loan of Rs 27.60 arba. It has operating profit of Rs 12.31 crore and has earned net profit of Rs 7.43 crore till Asoj end of FY 2073/74. The bank is rendering service through 31 branches, 29 ATM counters, 13 Branchless Banking and 3 Extension Counters.