September 15, 2019 | Investopaper
After the successful acquisition of Kankai Bikas Bank, Prime Commercial Bank has started joint operation from today (Bhadra 29, 2076).
Nepal Rastra Bank (NRB) had provided the final approval for the acquisition.
Both the companies received approval for the acquisition from their respective SGM held on Shrawan 22, 2076.
The new entity will operate in the name of Prime Commercial Bank. The share swap ratio of Prime Commercial Bank and Kankai Bikas Bank is set at 100:71.50. This means that every 100 shares of Kankai Bikas Bank will convert into 71.50 shares of Prime Commercial Bank.
The bank will operate through the head office of Prime Commercial Bank located at Kamalpokhari, Kathmandu.
After Kankai Bikas Bank, Prime Commercial Bank is in the process of acquiring Lalitpur Finance and Kailash Bikas Bank.