Century to acquire Arniko

- Post Report, Kathmandu

Oct 17, 2016-

Century Commercial Bank has formally initiated the process to acquire Dhulikhel-based Arniko Development Bank. The two institutions on Sunday signed a memorandum of understanding (MoU) in this regard. Century is mulling over wrapping up the acquisition process within mid-February, the bank said in a statement on Sunday. 

Century had previously signed an MoU to acquire Innovative Development Bank. Century’s paid-up capital will cross Rs5 billion after it acquires these 

two institutions, adds the statement. Century, which currently has a paid-up 

capital of Rs2.84 billion, intends to issue rights shares worth Rs850 million this fiscal year.

Published: 17-10-2016 08:34

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