Century Commercial Bank to acquire Alpine Development Bank
Fri, Mar 17, 2017 12:40 PM on Latest, Featured, Stock Market,
Century Commercial Bank Limited (CCBL) has signed a Memorandum of Understanding (MOU) today (Chaitra 4, 2073) to acquire Hetauda-based Alpine Development Bank Limited. With Alpine in the fold, CCBL is now in process of acquiring four BFIs: Araniko Development Bank, Innovative Development Bank, Sagarmatha Finance and Alpine Development Bank.
Issuing a press statement today, it stated that the bank will be able to raise around Rs 2 arba in capital after acquisition of these four BFIs. The bank will then issue additional right shares and stock dividend from the profits of the ongoing fiscal year to reach the NRB’s stipulated minimum paid up capital requirement of Rs 8 arba by the end of FY 2073/74. Currently, it has a paid up capital of Rs 3.68 arba. CCBL will start the acquisition process of Alpine Dev Bank after Alpine floats 3:2.08 ratio right shares.
CCBL has been able to increase its net profit by 39.30% earning Rs 22.39 crore up to the second quarter of the ongoing fiscal year. Till Q2 this year, its deposit base has reached Rs 32.68 arba with loans worth Rs 29.10 arba. After the acquisition of all BFIs, the number of branches of the bank will reach 90.
Issuing a press statement today, it stated that the bank will be able to raise around Rs 2 arba in capital after acquisition of these four BFIs. The bank will then issue additional right shares and stock dividend from the profits of the ongoing fiscal year to reach the NRB’s stipulated minimum paid up capital requirement of Rs 8 arba by the end of FY 2073/74. Currently, it has a paid up capital of Rs 3.68 arba. CCBL will start the acquisition process of Alpine Dev Bank after Alpine floats 3:2.08 ratio right shares.
CCBL has been able to increase its net profit by 39.30% earning Rs 22.39 crore up to the second quarter of the ongoing fiscal year. Till Q2 this year, its deposit base has reached Rs 32.68 arba with loans worth Rs 29.10 arba. After the acquisition of all BFIs, the number of branches of the bank will reach 90.
