Citizens Bank and Tinau Mission Development Bank to start integrated business
Kathmandu, March 26
Citizens Bank International Limited and Tinau Mission Development Bank Limited scheduled to start integrated business from Chaitra 14.
Citizens Bank has set a date for integrated transactions after receiving final approval from Nepal Rastra Bank on Chaitra 9. Citizens Bank has acquired Tinau Mission Development Bank by exchanging shares in the ratio of 100: 96.
As per the share exchange agreement, the shareholders of Tinau Mission Development Bank will receive 96 shares of Citizens Bank equal to 100 shares of Tinau Mission. As both the banks have to migrate data in the same software for integrated transactions, they have informed that the entire service will be shut down from 3 pm on Chaitra 13 to Chaitra 14. After the merger of these two banks, the paid-up capital increased to Rs. 11 arba 66 crore.