Kathmandu. Rastra Bank has approved the merger of Prabhu Bank and Century Commercial Bank. Spokesperson Gunakar Bhatt informed that the meeting of the Board of Directors of Rashtra Bank held last week has given theoretical approval to the two banks for the merger.

In July, these two banks agreed to merge. The two banks are preparing for integrated transactions by November by keeping the share exchange ratio (swap ratio) 1:1. After the merger, the bank's paid-up capital will reach 22 billion rupees.

After the merger, the name of the bank will remain Prabhu and Prabhu Bank's CEO Ashok Sherchan will continue as the CEO, while Century's CEO Manoj Neupane will be Prabhu's deputy CEO after the merger. The board of directors of the bank will have 7 members, 4 from Prabhu and 3 from Sanchuri.