Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 116]

Prime to acquire Om Development Bank

  1 min 13 sec to read
Prime to acquire Om Development Bank
Notice (8): Undefined index: caption [APP/View/Articles/view.ctp, line 241]

August 27: Prime Commercial Bank is all set to acquire Om Development Bank. Prime Bank has signed an acquisition deal with Om Development Bank with the target of starting integrated transaction from mid-November.

Uday Mohan Shrestha of Prime Commercial Bank and Sushil Kumar Goshali, chairman of Om Development Bank signed the agreement on behalf of their respective organisations amid a recent function.

The annual general meeting of Om Development Bank held last year had given the authority for merger or acquisition to the board of directors of the bank.

After the acquisition, Prime Commercial Bank will be among the top five commercial banks of the country. The bank’s paid-up capital will reach Rs 10.5 billion while the deposit collection will cross Rs 100 billion after the acquisition. Meanwhile, the loan portfolio is estimated to be Rs 90 billion, said Bishwa Mohan Adhikari, CEO of Om Development Bank.

“We have started preparation to begin integrated transaction from mid-November,” said Adhikari, adding, “This agreement will prove to be a milestone in creating a strong financial institution.”

Adhikari informed New Business Age that the agreement was signed to create a strong financial institution although both the banks meet the paid-up capital ceiling set by the central bank.

At present, Prime Commercial Bank’s paid-up capital is Rs 8.3 billion while that of Om Development Bank is Rs 2.51 billion.

Deprecated (16384): Using key `action` is deprecated, use `url` directly instead. [CORE/Cake/View/Helper/FormHelper.php, line 383]
No comments yet. Be the first one to comment.