Acquisition Process of Civil Bank by Himalayan Bank Completed; Joint Operation to Start from Tomorrow

After a successful acquisition of Civil Bank Limited (CBL) by Himalayan Bank Limited (HBL), their joint operation starts from tomorrow, Falgun 12, 2079. The joint operation will be carried out under the name "Himalayan Bank Limited".

Both banks signed MoU for acquisition on Ashad 29, 2079. Since Civil Bank is being acquired by Himalayan Bank the Due Diligence Audit has endorsed a share swap ratio of 100: 80.28 for acquisition. For instance, if a shareholder in Civil Bank owned 100 shares, his share in the combined company would be reduced to 80.28 shares.

As of now, the paid-up capital of CBL is Rs. 9.07 Arba whereas the paid-up capital of HBL is Rs. 14 Arba. Also, HBL and CBL endorsed dividends of 19.11% and 5.26% respectively for the Fiscal Year 2078/79.

Since this is an amalgamation in the nature of the acquisition, the share trading of only "Civil Bank Limited" will be halted from tomorrow as per Section 9(3) of the Merger and Acquisition Guidelines, 2079.