Prime Commercial Bank and Kailash Bikas Bank signed a memorandum of understanding regarding acquisition on July 5. Prime Bank acquired Kailash Bikas with a swap ratio of 100:71.5.
Prime Commercial Bank and Kankai Bikas Bank conducted special general meeting (SGM) on the same day, August 7 to endorse a merger and acquisition proposal.
The banks received final approval from NRB on September 1 and from Company Registrar Office on September 11.
The merged entity will have a paid-up capital of Rs 9.68 billion and have branch network of 89.
Prime Commercial Bank is also acquiring Lalitpur Finance and Kailash Bikas Bank.
