Prabhu Bank Cancels the Acquisition Procedures of Capital Merchant Banking & Finance Limited Permanently

Prabhu Bank Limited (PRVU) took the decision to approve the Capital Merchant Banking & Finance Limited preliminary acquisition agreement last year. A Memorandum of Understanding (MoU) governing the acquisition procedure had been signed by the two institutions.

However, according to a notice released by Prabhu Banks officials, the acquisition process has been permanently put on hold, and the joint merger and acquisition committee has also been requested to dissolve the whole process. Information about the decision to end the acquisition process was discussed at the 279th meeting of the board of directors of Prabhu Bank.