Citizens Bank, which has acquired Tinau Mission to conduct joint business from Chaitra 14
Kathmandu, March 23
Citizens Bank International, which has acquired Tinau Mission Development Bank, will start integrated business from Chaitra 16. Nepal Rastra Bank (NRB) on Monday gave its approval for integrated business.
After receiving approval from the central bank, the integrated business in the name of Citizens Bank International will start from 16th of Chaitra. The two banks had signed a preliminary memorandum of understanding on Kartik 1. The acquisition process was approved by the special general meeting of Citizens Bank and the annual general meeting of Tinau Mission held on Magh 15.
Citizens has acquired Tinau Mission with a share swap ratio of 1.096 per share. Accordingly, 100 shares of Tinau Mission will be 96 shares when it comes to Citizens Bank. Citizens Bank has decided to close the book on Chaitra 13 for integrated transactions.