Kist, Prabhu, Gaurishankar & Zenith complete merger; Joint operation to begin from Sep 15

ShareSansar, August 13:

The integrated operation of the merged entity of Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd is going to start from September 15 this year.

The name of the entity formed following the amalgamation of the four banks and financial institution (BFI) will remain ‘Prabhu Bank Limited’.

According to a joint notice published by the four BFI, the registered office of the merged bank will remain at current Kist Bank’s headquarter which is located at Babarmahal Kathmandu.

The BFI, in their notice, also said that all the movable and fixed assets along with the liablities will come under the merged entity-Prabhu Bank Ltd.

Similarly, the transactions will be conducted as usual from all the branches and the banking offices of the BFI.

All the four companies had already endorsed the proposal of merger and integrated operation from their respective annual general meetings (AGMs) held on June 14.

They had also received the final approval of merger from Nepal Rastra Bank (NRB) for the merger on August 6 and from the Office of Company Registrar on Tuesday.
 
The swap ratio as per the DDA is 97.31 for Kist, 107.31 for Prabhu, 107.31 for Gauri Shankar, and 92.31 for Zenith.

The merged entity will have a paid-up capital of Rs 3.20 arba. Also, it will have more than hundred branches and human resource of more than one thousand.