Prabhu Bank Cancels Acquisition Of Capital Merchant Banking & Finance
November 27, 2022 | Investopaper
Prabhu Bank Limited (PRVU) has cancelled the acquisition process with Capital Merchant Banking and Finance Limited (CMB). The board meeting of the bank held on Mangsir 8, 2079 BS has decided to call off all the ongoing process regarding the acquisition.
Previously, both the financial institutions had signed the preliminary agreement for acquisition on September 2, 2021 [Bhadra 17, 2078 BS].
Prabhu Bank is currently in the acquisition process with Century Commercial Bank Limited. Nepal Rastra Bank has already granted Letter Of Intent (LOI) for the acquisition on Bhadra 20, 2079 BS.
Prabhu Bank is an ‘A’ class commercial bank of Nepal while Capital Merchant Banking & Finance is a ‘C’ class finance company licensed by Nepal Rastra Bank.
As of Ashad’s end 2079 BS, Prabhu Bank has a paid-up capital of Rs 12.70 crores. Likewise, Capital Merchant Banking & Finance has a capital of Rs 93.50 crores.
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