Citizens Bank International SGM on Ashwin 28; to endorse 40% right shares & acquisition of Premier Finance

Citizens Bank International Ltd. is holding its Special General Meeting (SGM) on Ashwin 28, 2072. The 187^th BOD Meeting of the company on Ashwin 12, 2072 approved of the SGM for the purpose of approval of acquisition of Premier Finance Ltd and issuance of right shares in the ratio 10:4 after the acquisition process. Citizens Bank International Limited and Premier Finance Limited signed an agreement on for the acquisition on March, 2015. The bank has been focusing on acquisition to increase its capital. The paid up capital of Citizens Bank will rise to Rs 2.58 arba after the acquisition of the Premier Finance which has a paid up capital of Rs 12.70 crore. Citizens Bank had earlier acquired Nepal Housing and Finance and People’s Finance. Citizens Bank International Limited will also be convening its 9th Annual General Meeting (AGM) on Ashwin 28, 2072. The main agenda of the AGM are:

• To endorse 20 percent bonus share from the net profit it earned from the fiscal year 2071/72
• To endorse right share in the ratio 10:4 after bonus share is issued.
• To amend the article of association and increase the authorized capital, issued capital and paid up capital.
• Authorize BOD to initiate merger or acquisition process with other financial institutions.

Citizens Bank has posted a net profit of Rs.72.38 crore in its 4^thquarter of the fiscal year 2071/72 where as Premier Finance Ltd earned net profit of Rs 5.64 crore in the fourth quarter of the last fiscal year.