Century Commercial Bank, Innovative Dev. Bank & Araniko Dev. Bank joint transaction to start from Jestha 28 as Century Commercial Bank

Nepal Rastra Bank has provided final approval for the acquisition of Innovative Development Bank Limited and Araniko Development Bank Limited by Century Commercial Bank Limited (CCBL) on Jestha 18, 2074. The joint transaction of both companies will start from Jestha 28, 2074. The new entity will be named as “Century Commercial Bank Limited” and will start the integrated business as an “A” class commercial bank. After the acquisition, the registered office of the bank will be at Putalisadak, Kathmandu. CCBL has acquired Innovative Development Bank Limited and Araniko Development Bank Limited in a share swap ratio of 100:85:90 respectively from its AGM held on Chaitra 31, 2073. The transaction of Innovative and Araniko Development Bank will remain closed on Jestha 27, 2074 for the process of system integration to start joint operation. Century Commercial Bank has earned net profit of Rs 31.09 crore till the end of third quarter of the FY 2073/74. Its paid up capital stand at Rs 3.68 arba. It has endorsed 40% right share issuance after acquisition of Araniko and Innovative Development Bank Limited. Recently, Century Commercial Bank has signed an agreement to acquire Seti Finance Limited (SETI).