Century Commercial Bank signs acquisition deal with Innovative Dev. Bank; INDB trading halted in NEPSE

Century Commercial Bank Limited (CCBL) has signed an agreement to acquire Innovative Development Bank Limited (INDB). Trading of Innovative Development Bank Limited (INDB) has been suspended from today (Ashad 12, 2073) in Nepal Stock Exchange Limited (NEPSE) following the acquisition process.   Century Commercial Bank has filed an application at SEBON to issue right share worth Rs 85 crore.At present, CCBL has paid up capital of Rs 2.84 arba. The bank has earned net profit of Rs 23.24 crore in third quarter of the fiscal year 2072/73. The bank is rendering services through 31 branches, 28 ATM counters, 8 branchless banking outlets and 3 extension counter. Likewise, INDB has paid up capital of Rs 29.05 crore. The bank has earned net profit of Rs 3.31 crore in third quarter of the fiscal year 2072/73.The development bank is rendering services through 9 branches.