Kathmandu. Century Bank is going to be merged with Prabhu Bank. The agreement regarding the acquisition was signed on Sunday. Lilaprakash Sitaula, President of Prabhu Bank, said that the acquisition agreement was signed in the presence of the directors of both banks.

Both banks will reach 22 billion paid-up capital one after the other. If the two banks merge, the paid-up capital will reach 22 billion rupees. Currently, the paid-up capital of Century is 9 billion 55 million rupees. Prabhu's paid-up capital is 12.7 billion rupees.

It is said that Prabhu Bank has acquired Century Bank Swap Ratio is 1:1. However, Chairman Sitaula said that it depends on the Due Diligence Audit (DDA) to be done after the merger agreement. According to the initial agreement, in the seven-member board of directors, four members will be from Prabhu Bank and three members will be from Century Bank.