Citizens Bank inks final acquisition agreement with Tinau Mission Development Bank in share swap ratio of 100:96 shares; revamped institution to have Rs 11.66 arba paid-up value with 163 branches

Citizens Bank International has inked a final acquisition agreement with Butwal based Tinau Mission Development Bank.

Following the acquisition, shareholders of Tinau Mission Development Bank will get their 100 shares swapped with 96 shares of Citizens Bank which apparently is a  good deal.

The MoU regarding the acquisition was signed between BoD and head of merger committee of Citizens Bank Mr. Prabal Jung Pandey and BoD of Tinau Mission Development Bank Mr. Rajendra Prasad Ojha amid a program on Poush 22, 2077. The revamped entity will now begin the joint operation after receiving the final nod from their respective SGMs and from the central bank, as per the media statement.

Per the recent data, the revitalised bank will have a deposit size of Rs 124 arba, loan size of Rs 102 arba, 163 branches, paid-up value of Rs 11.66 arba under its portfolio.