Citizens Bank & Premier Finance joint operation starts from today as Citizens Bank; Swap ratio at 1:0.28

Nepal Rastra Bank had given the final approval for the acquisition of Premier Finance Company Limited by Citizens Bank International Limited on Ashad 20, 2073. The joint operation of both companies is convening from today (Shrawan 2, 2073). The new entity has been named as Citizens Bank International Limited, and will start the integrated business. After the acquisition, the central office of the bank will be in Kamladi, Ward no.31, Kathmandu Metropolitan City. The swap ratio of Citizens: Premier Finance has been fixed at 1:0.28. The paid up capital of Citizens Bank stands at Rs 3.06 arba. The bank has issued 55% right share from Ashad 5, 2073. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 4.74 arba from current Rs 3.06 arba.  The bank had earned a net profit of Rs. 72.80 crore in the third quarter of the current fiscal year. The paid up capital of Premier Finance Company Limited stands at Rs 12.70 crore in the 4^th quarter of the fiscal year 2071/72. The finance company had earned net profit of Rs 5.46 crore  in the Q4 of the fiscal year 2071/72. The new bank will be rendering services through altogether 58 branch offices and 93 branchless banking centres.