Print Edition - 2016-10-17 | MONEY
Century to acquire Arniko
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