Prabhu Bank Ltd to be launched on Monday

As the joint operation of the Prabhu Bank Ltd-- formed after the merger with Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd—is set to begin from Monday, the banks and financial institutions are working toward information technology (IT) and System Integration.

The operations of these four BFIs will be halted on Sunday due to IT and system integration while the joint transactions will begin from next day.

The integrated operation of the merged entity Prabhu Bank Ltd is set to be inaugurated amid a grand ceremony on Monday morning. Nepal Rastra Bank’s (NRB) governor Dr Yuba Raj Khatiwada is set to be the chief guest of the program.

ist Bank's Deputy CEO Ashok Sherchan told that the joint operation of the bank will be inaugurated by NRB Governor Khatiwada. He also informed that the share trading that has been halted due to the merger process will resume after two or three weeks.

All the four companies had endorsed the proposal of merger and integrated operation from their respective annual general meetings (AGMs) held on June 14.
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.

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