Citizens Bank and Sahayogi Bikas Bank sign final agreement for acquisition of the later; shareholders of Sahayogi to get 91.75% Citizens shares swapping their 100 shares

Citizens Bank has signed an agreement with Sahayogi Bikas Bank and provided a final to the ongoing acquisition of the development bank by the commercial bank. The agreement was signed amid a program on Poush 28, 2076 by BoD of the bank Mr. Prabal Jung Pandey and BoD of the development bank Mr. Dilli Prakash Ghimire.

Both the banks had signed an acquisition agreement on Asad 22, 2076. After the recent agreement, both the banks will now convene their AGMs, endorse the decision and move to NRB seeking its final nod.

After the successful acquisition, the bank will have deposit collection figure of Rs 83.24 arba, credit disbursement of Rs 73.99 arba, and 99 branches. The acquisition has been fixed with a share swap ratio of 100: 91.75 between Citizens Bank and Sahayogi Bikas Bank. The paid up value of the revamped bank will be at Rs 9.08 arba.

Sahayogi Bikas Bank currently has its presence with 14 branches while Citizens Bank serves its customers from its 85 branches, 85 ATM booths and 103 branchless banking units.