Citizens Bank and Sirjana Finance are merging

Kathmandu. Citizens Bank International Limited and Sirjana Finance have merged.

Banks and Financial Institutions Regulations on Mergers and Acquisitions as per 2073 BS, Citizens Bank has signed a preliminary agreement with Sirjana Finance Limited, headquartered in Biratnagar, to obtain Class C license from Nepal Rastra Bank.

The agreement was signed by Prabal Jung Pandey, Director and Coordinator of Merger and Procurement Committee on behalf of the Bank and Subash Acharya, Coordinator of Merger and Procurement Committee on behalf of Creation Finance at a function held in Biratnagar today (Wednesday).

After the final approval of Nepal Rastra Bank, the bank is preparing to start joint venture by acquiring Tinau Mission Development Bank Limited, said Umang Sharma, spokesperson of the bank.

According to him, after the acquisition of Creation Finance by Citizens Bank on the basis of data till January 10, the deposits raised from the public will be around Rs 134 billion and the loans given to the public will be around Rs 111 billion. Upon receipt, the total number of branches of the bank will be 188.

At present, the bank has 13 branches in Province No. 1, after the acquisition of Sirjana Finance Limited, the bank has a total of 27 branches in Uttar Pradesh and 21 branches in Province No. 2, after the acquisition, there will be 28 branches in that province.