Kathmandu. Citizens Bank International Limited is set to acquire Tinau Mission Development Bank Limited, headquartered in Butwal. Chief Executive Officer of the bank Ganesh Raj Pokhrel informed that a preliminary agreement has been signed between the two banks in this regard.

The agreement was signed by Prabal Jung Pandey, Director and Coordinator of Merger and Acquisition Committee on behalf of Citizens Bank and Rajendra Prasad Ojha, Coordinator of Merger and Acquisition Committee on behalf of Tinau Mission Development Bank Limited.

After the acquisition of Tinau Mission Development Bank by Citizens Bank, the deposits raised from the public will be around Rs 115 billion and the loans given to the public will be around Rs 98 billion. Upon receipt, the bank will have a total of 164 branches.

The current paid up capital of Citizens Bank is Rs 9.8 billion while the paid up capital of Tinau Mission Development Bank is Rs 1.81 billion. After the merger, the capital of Citizens Bank will be around Rs 10.80 billion.

After the acquisition, the bank's reach will increase, competitiveness will increase, the bank's financial, human resources as well as technical and other capabilities will increase and it will be easier to provide modern, quality and reliable banking facilities to the customers. The bank is confident that enabling it will help maintain the stability of the financial sector.

Citizens Bank International Limited operates 111 branches and 99 ATMs across the country. And it has been providing modern banking services to about 650,000 customers from 104 branchless banking units.