Kumari Bank, Mega Bank and Citizens Bank to commence joint transaction after successful acquisitions

Tue, Jun 30, 2020 11:35 AM on Corporate, Latest,
Kumari Ban...

Kumari Bank Limited (KBL) after the successful acquisitions of Deva Bikas Bank Limited (DBBL) is going to commence joint operation from Ashad 28, 2077.

Nepal Rastra Bank (NRB) gave final (LOI) approval on Ashad 10, 2077, and Office of Company Register has given final approval on Ashad 14, 2077 for the acquisition of DBBL by KBL. The new entity will be named as ‘Kumari Bank Limited’ and will start the integrated business as ‘A’ class commercial bank. After the joint operation, the registered office will be at Tangal, Kathmandu.

KBL has acquired DBBL in a share swap ratio of 1:0.86. 

Similarly, Mega Bank Limited (MEGA) after the successful acquisitions of Gandaki Bikas Bank Limited (GDBL) is going to commence joint operation from Ashad 21, 2077.

Nepal Rastra Bank (NRB) gave final approval on Ashadh 10, 2077, and the Office of Company Register has given final approval on Ashad 14, 2077 for the acquisition of GDBL by MEGA. The new entity will be named as ‘Mega Bank Limited’ and will start the integrated business as ‘A’ class commercial bank. After the joint operation, the registered office will be at Kamladi, Kathmandu.

Mega has acquired GDBL in a share swap ratio of 1:1. 

Likewise, Citizens Bank International Limited (CZBIL) after the successful acquisitions of Sahayogi Bikas Bank Limited (SBBLJ) is going to commence joint operation from Ashad 20, 2077.

Nepal Rastra Bank (NRB) has given final approval on Ashadh 10, 2077, and the Office of Company Register has given final approval on Ashad 14, 2077 for the acquisition of SBBLJ by CZBIL. The new entity will be named as ‘Citizens Bank International Limited’ and will start the integrated business as ‘A’ class commercial bank. After the joint operation, the registered office will be at Narayatipath, Kathmandu.

CZBIL has acquired SBBLJ in a share swap ratio of 100:91.75.