Citizens Bank (CZBIL) Seals the Deal to Acquire Srijana Finance

Citizens Bank International Limited (CZBIL) and Srijana Finance Limited (SFFIL) have signed the final agreement for the acquisition of the latter by the former. The final agreement letter was signed by both the parties today, i.e. on Jestha 11.

Citizens Bank International and Srijana Finance have signed a final acquisition agreement where the bank is acquiring the finance company in the share swap ratio of 100:95.

The bank aims to begin joint operation with the finance company after receiving the final approval from the Nepal Rastra Bank i.e. is expecting within the ongoing fiscal year, as per the media statement.

The trading of SFFIL was halted in NEPSE because the company had signed a Memorandum of Understanding (MoU) for merger and acquisition with Sunrise Bank Limited. 

The preliminary acquisition agreement was signed on Magh 28 between BoD of the bank Mr. Prabal Jung Pandey and BoD of the finance company Mr. Subash Acharya amid a program. SFFIL is a finance company with its central office in Bhanu Tole, Ward 09, Biratnagar. Meanwhile, Citizens Bank has its registered office in Narayanhiti, Kathmandu.

The revamped bank will have a deposit figure of Rs 1.37 kharba, loan disbursement figure of Rs 1.21 kharba, 189 branches in its network, and a paid up value of Rs 12.58 arba, as per the media statement.