Prime Bank to acquire Kankai Bikas Bank; both the companies announces SGM on Shrawan 22

Prime Commercial Bank Limited (PCBL) in the process of acquiring Kankai Bikas Bank Limited (KNBL) and both have announced their Special General Meeting (SGM).

Prime Commercial Bank Limited will be convening the SGM on Shrawan 22, 2076 (August 7, 2019) at Nepal Academy, Kamladi, Kathmandu from 11 AM onwards. Similarly, Kankai Bikas Bank Limited will also be convening the SGM on Shrawan 22, 2076 (August 7, 2019) at Gorkha Department, Damak, Jhapa from 11 AM onwards.

The agenda of both the SGM is to endorse the Memorandum of Understanding (MoU) and the Due Diligence Audit (DDA) for the process of acquisition by PCBL.

Kankai Bikas Bank has a good presence in the rural areas of Nepal which will create synergy after the merger process. The combined entity will have a branch network of 89 branches.