Prabhu & Century Bank in final preparations to merge

KATHMANDU: Prabhu and Century Bank are preparing to merge. Both banks are working hard to reach an agreement to merge by the end of Ashar (mid-July).

According to a bank source, the swap ratio will remain unchanged during the merger and will be reduced to Rs 95 per 100 Prabhu Bank shares. Similarly, it has been agreed that the merged bank’s name will be Prabhu. There have been discussions about Ashok Sherchan becoming the bank’s CEO following the merger.

Century Bank has scheduled a meeting for Friday to discuss the merger agreement with Prabhu.

Previously, Grand and KIST Banks merged with Prabhu Bank.

The NRB has already proposed that Century Bank merge.