June 7: Prime Commercial Bank is going to acquire Biratlaxmi Bikas Bank Limited (BBBL) and Country Development Bank Limited (CDBL). The three banks signed the acquisition agreement amid a program held on May 6.

Shyam Bahadur Shrestha, Director of Prime Commercial Bank and Conveyer of merger committee, Madhav Prasad Koirala, Chairman of BBBL and Indra Narayan Bhaila, Chairman of CDBL signed the agreement on behalf of their respective companies. Prime bank is acquiring the two development banks to reach the minimum paid-up capital of Rs 8 billion as per NRB directive.

Moreover, the bank has already given application in SEBON to issue right shares in proportion of 3:1 by the end of this fiscal year to increase its paid-up capital.