Mobile Banking, ATM of Citizens Bank and Srijana Finance to be down on Ashar 25 after 5 pm for Data Migration

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. Their joint operation will commence on Ashar 26.

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

Mobile banking services, ATM, holiday counter, and other services of the companies will be down from Ashar 25, 5 pm till the next day for data migration services.

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.