Prime Commercial Bank attempts acquisition process with Jhapa based Kankai Bikas Bank; joint entity to have 89 branches with strong presence in rural areas

Prime Commercial Bank has signed an acquisition agreement with Damak based Kankai Bikas Bank on Jestha 22, 2076. The MoU for that effect was signed between chairman of Prime Bank Mr. Udaya Mohan Shrestha and his counterpart in Kankai Development Bank Mr. Sewak Dahal.

Kankai Bikas Bank has a good presence in the rural areas of Nepal which will create synergy after the merger process, as per the media statement. The combined entity will have a branch network of 89 branches, as further mentioned in the statement. The bank aims to complete the merger process soon however hasn’t indicated any swap ratio for the merger.