Civil Bank’s special general meeting approves merger with Axis, Civil finance
The special general meeting of Civil Bank today approved proposal of merger with Axis Development Bank and Civil Bittiya Sanstha.
The meeting also approved the share swap ratio of 1:0.79, which means every unit of Civil Bank's share equals to 0.79 unit of Axis Development Bank and , and Civil Bittiya Sanstha. The share swap ratio has been fixed on the basis of asset and liability valuation reports of all the financial institutions.
The merged entity will be called Civil Bank, chief executive of the bank Kishore Maharjan said, adding that there will also be no changes in the board and management team.
Post-merger Civil Bank will have 41 branches, 25 ATMs and its paid-up capital will reach approximately Rs 2.70 billion, he added. The special general meeting also approved to the bank's proposal of increasing authorised capital to Rs 10 billion and issued capital to Rs 7 billion.