Prabhu Bank and Century Bank signs merger agreement

Prabhu Bank and Century Bank have reached an agreement to merge.

On Sunday evening, The two banks agreed to become one at the swap ratio of 1:1, meaning shares of both banks will have equal value.

According to the agreement, the entity formed as a result of the merger will be known as Prabhu Bank.

Similarly, it has been reported that, After the banks start the unified operation, Prabhu’s CEO Ashok Sherchan will retain the position whereas Century’s Manoj Neupane will be his deputy.

The board of directors of the bank will include four officials from Prabhu Bank and three from Century Bank.