Century Bank to Acquire Innovative and Araniko Devt Bank

December 29: Century Commercial Bank is acquiring Innovative Development Bank and Araniko Development Bank. The bank has acquired an approval from Nepal Rastra Bank to acquire the two development banks. After the acquisition, the paid-up capital of Century Bank will reach above Rs 5 billion.

Issuing a press statement, the bank said that it targets to achieve the minimum paid-up capital cap of Rs 8 billion as per NRB directive through acquisition, right share issuance and profit earning. With the NRB approval, the bank aims to start the integration transaction within next month. Presently, Araniko Development Bank and Innovative Development Bank have Rs 257.8 million and Rs 290 million paid-up capital respectively. After acquiring the development banks, the century bank will be providing its services from more than 50 branches.