Century Bank signs MOU to acquire Araniko Dev Bank; paid up capital to exceed Rs 5 arba

Century Commercial Bank Limited has signed Memorandum of Understanding (MOU) to acquire Araniko Development Bank Limited. The bank aims to complete the acquisition process by Magh 2073 and start joint transaction. At present, Century Bank has capital of Rs 2.84 arba. The bank had floated right share worth Rs 85 crore. Likewise it has collected deposits of Rs 31.42 arba and floated loan of Rs 27.41 arba. Century Bank has already signed MOU with Innovative Development Bank for acquistion process. Issuing a press statement it stated that after acquisition of Innovative and Araniko Development Bank, the bank’s paid up capital will be more than Rs 5 arba. With this, the number of branches will reach to 50. The commercial bank aims to increase its paid up capital through acquisition of Bank and Financial Institutions (BFIs) and right share issuance.