Prabhu Bank Ltd into operation from today.

Prabhu Bank Ltd –a bank renamed following the merger between Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd—is coming into operation from today.

Nepal Rastra Bank’s (NRB) governor Dr Yuba Raj Khatiwada inaugurating the merged entity within sometime at the former Kist Bank’s headquarters Babarmahal amid a grand ceremony.

Kist Bank's Deputy CEO Ashok Sherchan told that the share trading that has been halted due to the merger process will resume after two or three weeks.

These banks had received the final approval of merger from Nepal Rastra Bank (NRB) for the merger on August 6 and from the Office of Company Registrar on August 12.

All the four companies had endorsed the proposal of merger and integrated operation from their respective annual general meetings (AGMs) held on June 14.
The swap ratio as per the DDA is 97.31 for Kist, 107.31 for Prabhu, 107.31 for Gauri Shankar, and 92.31 for Zenith.

The merged entity will have a paid-up capital of Rs 3.20 arba. Also, it will have more than hundred branches and human resource of more than one thousand. -SSN