Citizens Bank to Acquire Srijana Finance; Company had previously signed Acquisition Agreement with Sunrise Bank

Srijana Finance Limited (SFFIL) will now be acquired by Citizens Bank International Limited (CZBIL).

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. However, Citizens Bank has unveiled a notice today stating that it has signed an acquisition agreement with Srijana Finance in which the former will acquire the latter.

The 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 after the successful acquisition of Srijana Finance will have a deposit figure of Rs 134 arba, credit disbursement of Rs 111 arba, 188 branches in its network,

The bank currently has 109 branches, 107 branchless banking units and 98 ATM booths under its network all over the nation.