Prime Bank to acquire Lalitpur Finance

Jun 10, 2019 Merolagani

Prime Commercial Bank (PCBL) that recently signed MoU with Kankai Bikas Bank for acquisition is yet again set to acquire Lalitpur Finance.

Prime Commercial Bank is an 'A' listed commercial bank headquartered in Kamalpokhari, Kathmandu while Lalitpur Finance is 'C' listed financial institution headquartered in Lagankhel, Lalitpur.

Both companies signed an agreement regarding the acquisition on June 8, Saturday. The agreement was signed by Uday Mohan Shrestha, Chairman of Prime Commercial Bank and Dipak Maharjan, Chairman of Lalitpur Finance.

As per a source, the bank will acquire the finance company with 20/25 swap ratio given that Lalitpur Company has non-performing loan of 75.33 percent.  

Currently, Prime Commercial Bank has paid-up capital of Rs 9.31 billion while Kankai Bikas and Lalitpur Finance has paid-up capital of Rs 515 million and Rs 236.8 million respectively.

comments powered by Disqus

Google owner Alphabet becomes trillion-dollar company

Jan 17, 2020 03:58 PM

Google’s owner Alphabet has become a trillion-dollar company for the first time, making it only the fourth US firm to reach the bumper valuation.