Prime Commercial Bank and Kailash Bikas Bank Signs MoU for Acquisition

Jul 05, 2019 04:28 PM Merolagani

Prime Commercial Bank and Kailash Bikas Bank have signed a memorandum of understanding regarding acquisition on July 5.

Rajendra Das Shrestha, Chairman of Prime Commercial Bank and Narayan Prasad Poudel Chairman of Kailash Bikas Bank signed the agreement amid a program organized in the premises of the bank.

As per a source, a swap ratio of 1:0.94 has been agreed for acquisition. The merged entity will be headed by Narayan Das Manandhar, current CEO of Prime commercial Bank.

Currently, Prime Commercial has a paid-up capital of Rs 8.03 billion while Kailash has Rs 2.52 billion in paid-up capital. The merged entity will have a paid-up capital of Rs 10.4 billion.

Apart from Kailash, Prime Commercial Bank has also signed MoU with Kankai Bikas Bank.

Prime Commercial Bank is in constant scrutiny after its merger process with Om Development Bank dissolved midway. Nepal Rastra Bank (NRB) gave three months period to Prime Commercial Bank to find a new merger/acquisition partner.

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