Kist’s special meet on June 14 to endorse merger with Prabhu, Gauri Shankar and Zenith

ShareSansar, June 5:

Kist Bank Limited will hold its special general meeting on June 14 to endorse the merger with three BFIs, including Prabhu Bikash Bank Limited.

The special event scheduled at Lainchaur Banquet in Kathmandu will ratify the Due Diligence Audit report and the MoUs signed with Prabhu, Gauri Shankar Development Bank and Zenith Finance Limited, as well as the swap ratio for the merger.

According to a notice published by the commercial bank today, the merged entity will then be named Prabhu Bank Limited.

Back in April, the crisis-ridden Kist had sealed the merger deals with Prabhu and the rest.

The BFIs had reached an understanding to finalize the merger within this fiscal year.

To take the process ahead, they have already established a merger committee and have filed an application at Nepal Rastra Bank to get the banking sector regulator’s nod to formally initiate the consolidation process.

Their share trading has also been halted at Nepal Stock Exchange Limited (NEPSE) for the merger.

Once the merger takes place, the bank will have more than hundred branches and human resource of more than one thousand.