Prime Commercial Bank to start joint transaction from September 15

Sep 12, 2019 03:23 PM Merolagani

Prime Commercial Bank (PCBL) is set to start the joint transaction from September 15 after the acquisition of Kankai Bikas Bank.

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.

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