July 2, 2021 | Investopaper
Citizens Bank International (CZBIL) has successfully acquired Shrijana Finance Limited (SFFIL). After the acquisition, the joint operation will commence on Ashad 26, 2078 BS [July 10, 2021]. The joint transaction will be in the name of ‘Citizens Bank International Limited’.
The acquisition received approval from Nepal Rastra Bank on Ashad 15, 2078 BS. Likewise, both the companies provided the final approval through their respective Special General Meeting (SGM) on held on Jestha 27, 2078 BS
The bank had signed a final agreement for the acquisition of Shrijana Finance on Jestha 11, 2078 BS [May 25, 2021]. The preliminary memorandum of understanding (MOU) was signed between Citizens Bank and Sirjana Finance on Magh 28, 2077 BS [February 10, 2021].
The share swap ratio is fixed at 100:95. This means, shareholder with 100 shares of Shrijana Finance will recieve 95 shares of Citizens Bank after the completion of the acquisition.
Previously Citizens Bank acquired Tinau Mission Development Bank at a swap ratio of 100:96. Before Tinau Mission, Citizens Bank had already integrated Sahayogi Bikas Bank at 1:0.9175 swap ratio.
After the acquisition of Shirjana Finance, the paid-up capital of Citizens Bank will increase to Rs. 12.47 Arba.