Kathmandu. Prabhu Bank is going to acquire Century Commercial Bank. Both these banks are going to start integrated business from Tuesday (26th of Poush 2079).

The name formed after the merger will be Prabhu Bank. An integrated business will be started with the same name. The registered office of the bank will be Babramahl, Kathmandu. Prabhu's acquisition of Century Commercial Bank has received final approval from Nepal Rastra Bank and Company Registrar's office.

A merger agreement was signed between Prabhu Bank and Century Commercial Bank on 15th July last. Both the banks have agreed to merge in the ratio of 1:1. The National Bank has arranged that only the banks and financial institutions that conduct integrated merger transactions through the monetary policy will get discounts and facilities. According to that arrangement, Prabhu and Century Bank will conduct integrated business before January.

After the merger, the bank's paid-up capital will be 22 billion more. At present, the paid up capital of Prabhu Bank is Rs 12.70 billion and that of Century is Rs 9.55 billion. Ashok Sherchan will be the Chief Executive Officer (CEO) of the bank that will be formed after the merger. Manoj Neupane, Chief Executive Officer of Century Bank, will be made Senior Chief Executive Officer.

It is said that there will be 4 members from Prabhu Bank and 3 members from Century in the board of directors formed after the merger. On behalf of the bank, the presidents will be Lil Prakash Sitaula, Ramesh Singh Khadka, Shankar Prasad Kalikote, Rameshwar Sapkota. On the other hand, on behalf of Century, Man Bahadudar Rai, Abhishek Bajracharya, Dr. Geeta will be the principal directors.