Prime Commercial Bank gets final approval from NRB for acquisition of Biratlaxmi & Country Dev Bank; swap ratio fixed at 100:75:40

Prime Commercial Bank Limited (PCBL) has received final approval from Nepal Rastra Bank (NRB) for acquisition of Biratlaxmi Bikas Bank (BLDBL) and Country Development Bank Limited (CNDBL). As per the DDA report, the swap ratio for acquisition of Biratlaxmi Bikas Bank and Country Dev Bank has been fixed at 100:75:40. Shareholders having 100 shares of BLDBL will be given 75 shares of PCBL and the shareholders having 100 shares of CNDBL will be given 40 shares of PCBL. After the acquisition, the paid up capital of PCBL will reach Rs 6.32 arba. As per NRB’s directive for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, PCBL will need to increase its capital by further 26.60%.