Prime Commercial, Biratlaxmi Bikas Bank & Country Dev Bank starting joint operation from Baisakh 17 as Prime Commercial Bank Limited

Nepal Rastra Bank had given the final approval for the acquisition of Biratlaxmi Bikas Bank Limited (BLDBL) and Country Development Bank Limited (CNDBL) on Chaitra 21, 2073. The joint operation of all three banks will start from Baisakh 17, 2074. The new entity will be named as Prime Commercial Bank Limited, and will start the integrated business as a class “A” commercial bank. After the acquisition, the head office of the commercial bank will be in Kamalpokhari, Ward No. 31, Kathmandu. All banking transactions of Biratlaxmi Bikas Bank and Country Development Bank (including ATM, SMS banking, internet banking) will remain closed on Baisakh 16, 2074 for software integration purpose. 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. Prime Commercial Bank Limited has earned net profit of Rs 55.97 crore in the second quarter of the FY 2073/74.