January 14: Citizens Bank International is set to acquire Sahayogi Bikas Bank. The two banks concluded a final agreement regarding the acquisition on Monday (January 13).
The agreement was signed amidst a program on Monday (January 13) by Prabal Jung Pandey, member of the Board of Directors of Citizens Bank and coordinator of the merger and acquisition committee and Dilli Prakash Ghimire, member of the Board of Directors of Sahayogi Bikas Bank and coordinator of the merger and acquisition committee.
Both banks will now convene their annual general meetings to endorse the decision and move towards obtaining approval from Nepal Rastra Bank.
After the acquisition, Citizens bank will now have a paid-up capital of Rs 9.08 billion. The acquisition has been fixed with a share swap ratio of 100: 91.75.
The bank will now serve its customers from a total of 99 branches.