Endorsing the final deal on the merger through their special Annual
General Meetings held yesterday, Civil Bank Limited, Civil Merchant
Bittiya Sanstha and Axis Development Bank Limited have decided to name
the merged entity as ‘Civil Bank Limited’.
The separately held special AGMs also gave the final nod to the swap ratio of 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company.
They have also decided to retain the Board of Directors and senior officials of all three BFIs. It may be noted here that they decided to retain these officials as Civil Bank and Civil Merchant have common promoters.
Following the decision, the incumbent Chief Executive Officer of Civil Bank Kishore Maharjan has been retained as the CEO of the merged entity.
With the merger the bank will now have 49 branches and 25 ATM counters.
Notbaly Nepal Stock Exchange Limited (NEPSE) has suspended the trading of shares of all three BFIs in the merger process in October.
Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.
Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year, and its EPS stands at 7.56 and has a net worth 107.65.
Axis Development Bank has a paid-up capital of Rs 71.81 crore, reserve and surplus of Rs 9.42 crore, and it earned a net profit of Rs 2.03 crore. Its EPS stands at Rs 2.84 and it has a net worth of 113.13.
Similarly, Civil Merchant Bittiya Sanstha has a paid-up capital of Rs 16.65 crore, reserve and surplus of Rs 3.17 crore. It had posted a net profit of Rs 1.32 crore in the last fiscal year, and its EPS stands at 7.98 and has a net worth 119.16.
Source: sharesansar, 4th March 2014
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The separately held special AGMs also gave the final nod to the swap ratio of 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company.
They have also decided to retain the Board of Directors and senior officials of all three BFIs. It may be noted here that they decided to retain these officials as Civil Bank and Civil Merchant have common promoters.
Following the decision, the incumbent Chief Executive Officer of Civil Bank Kishore Maharjan has been retained as the CEO of the merged entity.
With the merger the bank will now have 49 branches and 25 ATM counters.
Notbaly Nepal Stock Exchange Limited (NEPSE) has suspended the trading of shares of all three BFIs in the merger process in October.
Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.
Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year, and its EPS stands at 7.56 and has a net worth 107.65.
Axis Development Bank has a paid-up capital of Rs 71.81 crore, reserve and surplus of Rs 9.42 crore, and it earned a net profit of Rs 2.03 crore. Its EPS stands at Rs 2.84 and it has a net worth of 113.13.
Similarly, Civil Merchant Bittiya Sanstha has a paid-up capital of Rs 16.65 crore, reserve and surplus of Rs 3.17 crore. It had posted a net profit of Rs 1.32 crore in the last fiscal year, and its EPS stands at 7.98 and has a net worth 119.16.
Source: sharesansar, 4th March 2014
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South Korea allocates 5,700 jobs to Nepali workers
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