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June 27: Century Commercial Bank Limited (CCBL) is going to acquire Innovative Development Bank (IDB). “CCBL is going to acquire IDB to meet the minimum paid-up capital set by Nepal Rastra Bank,” informs the bank in a press statement. The two banks signed the agreement amid a program on June 26 in Kathmandu.
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“The bank is preparing to merge with additional banks in order to meet Rs 8 billion paid-up capital as per the directive of Nepal Rastra Bank,” informs CCBL. The bank also confirmed the possibilities of issuing additional right shares. CCBL has collected deposits of Rs 26.1 billion and provided loans of Rs 22.86 billion by the end of Chaitra, 2072. While, IDB has collected Rs 2.19 billion deposits and lend loans of Rs 1.75 billion during the same period. The operating profit of Century Commercial Bank is Rs 340.5 million.
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<p>According to the agreement, per unit share price of IDB has been set Rs 76 for acquisition. CCBL mentions that though the DDA report has not yet been finalized, the rate will not vary much to the agreement rate. The bank has aimed to complete the acquisition process and start the joint transaction by the end of Poush, 2073. After the acquisition, the paid-up capital of CCBL will reach approximately Rs 4.5 billion to present paid-up capital of Rs 2.84 billion. The bank has already made the plan to issue right shares of Rs 840 million. With the probable contribution of dividend from IDB, the bank will collect approximately Rs 350 million. Currently, the paid-up capital of IDB is Rs 290 million.</p>
<p>“The bank is preparing to merge with additional banks in order to meet Rs 8 billion paid-up capital as per the directive of Nepal Rastra Bank,” informs CCBL. The bank also confirmed the possibilities of issuing additional right shares. CCBL has collected deposits of Rs 26.1 billion and provided loans of Rs 22.86 billion by the end of Chaitra, 2072. While, IDB has collected Rs 2.19 billion deposits and lend loans of Rs 1.75 billion during the same period. The operating profit of Century Commercial Bank is Rs 340.5 million.</p>
<p> After the acquisition, the number of branches of the bank will reach 40. Innovative is providing its services through nine branches including the central office in Bhairahawa. Similarly, Century bank is providing its services through 31 branches, three extension counters, eight branchless banking service and 29 ATMs. Century bank has invested around Rs 3 billion in various projects in the form of consortium investments. The bank has expected to increase its presence in the rural areas after the acquisition.</p>
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'content' => '<p>June 27: Century Commercial Bank Limited (CCBL) is going to acquire Innovative Development Bank (IDB). “CCBL is going to acquire IDB to meet the minimum paid-up capital set by Nepal Rastra Bank,” informs the bank in a press statement. The two banks signed the agreement amid a program on June 26 in Kathmandu.</p>
<p>According to the agreement, per unit share price of IDB has been set Rs 76 for acquisition. CCBL mentions that though the DDA report has not yet been finalized, the rate will not vary much to the agreement rate. The bank has aimed to complete the acquisition process and start the joint transaction by the end of Poush, 2073. After the acquisition, the paid-up capital of CCBL will reach approximately Rs 4.5 billion to present paid-up capital of Rs 2.84 billion. The bank has already made the plan to issue right shares of Rs 840 million. With the probable contribution of dividend from IDB, the bank will collect approximately Rs 350 million. Currently, the paid-up capital of IDB is Rs 290 million.</p>
<p>“The bank is preparing to merge with additional banks in order to meet Rs 8 billion paid-up capital as per the directive of Nepal Rastra Bank,” informs CCBL. The bank also confirmed the possibilities of issuing additional right shares. CCBL has collected deposits of Rs 26.1 billion and provided loans of Rs 22.86 billion by the end of Chaitra, 2072. While, IDB has collected Rs 2.19 billion deposits and lend loans of Rs 1.75 billion during the same period. The operating profit of Century Commercial Bank is Rs 340.5 million.</p>
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<p>According to the agreement, per unit share price of IDB has been set Rs 76 for acquisition. CCBL mentions that though the DDA report has not yet been finalized, the rate will not vary much to the agreement rate. The bank has aimed to complete the acquisition process and start the joint transaction by the end of Poush, 2073. After the acquisition, the paid-up capital of CCBL will reach approximately Rs 4.5 billion to present paid-up capital of Rs 2.84 billion. The bank has already made the plan to issue right shares of Rs 840 million. With the probable contribution of dividend from IDB, the bank will collect approximately Rs 350 million. Currently, the paid-up capital of IDB is Rs 290 million.</p>
<p>“The bank is preparing to merge with additional banks in order to meet Rs 8 billion paid-up capital as per the directive of Nepal Rastra Bank,” informs CCBL. The bank also confirmed the possibilities of issuing additional right shares. CCBL has collected deposits of Rs 26.1 billion and provided loans of Rs 22.86 billion by the end of Chaitra, 2072. While, IDB has collected Rs 2.19 billion deposits and lend loans of Rs 1.75 billion during the same period. The operating profit of Century Commercial Bank is Rs 340.5 million.</p>
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