Citizens Bank Declares Book Closure Date for Joint Operation with Srijana Finance

The 367th meeting of the board of directors of Citizens Bank held on Ashar 15 has declared Ashar 24 as the book closure date for the joint operation of CZBIL and SFFIL.

Citizens Bank International Limited (CZBIL) and Srijana Finance Limited (SFFIL) signed the final agreement for the acquisition of the latter by the former 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 actually halted in NEPSE because the company had signed a Memorandum of Understanding (MoU) for merger and acquisition with Sunrise Bank Limited. For some reason, it seems that this particular deal could not come to fruition. The finance company is now being incorporated into Citizens Bank.

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, a loan disbursement figure of Rs 1.21 Kharba, 189 branches in its network, and a paid-up value of Rs 12.58 Arba.