15th November 2024, Kathmandu
In a strategic move that mirrors the ongoing consolidation trend in Nepal’s banking sector, Prime Commercial Bank Limited has announced plans to hold its 17th Annual General Meeting (AGM) on December 4, 2024.
Prime Commercial Bank’s AGM 2024
This significant event will see the bank discuss and approve proposals that could shape its future, including a 5% cash dividend and the authorization for its board to initiate merger negotiations with other suitable financial institutions.
The AGM, scheduled to take place at the Army Officers’ Club in Kathmandu, will cover a range of crucial matters. Beyond the dividend proposal, the meeting will delve into the approval of the bank’s financial statements for the preceding fiscal year.
Additionally, the appointment of an auditor for the current fiscal year and the determination of their remuneration will be on the agenda.
A key highlight of the AGM is the board’s proposal to empower itself to undertake the necessary groundwork for a potential merger. This includes exploring opportunities to merge with other compatible banks and financial institutions.
To facilitate such a merger, the bank proposes amendments to its Memorandum of Association and Articles of Association. Furthermore, the AGM will discuss the possibility of increasing the director’s allowances and other facilities.
To ensure eligibility for the AGM and the proposed dividend, Prime Commercial Bank will close its books on November 24, 2024. Shareholders who are listed on the Nepal Stock Exchange (NEPSE) as of November 21, 2024, will have the privilege of attending the AGM and receiving the dividend.
As the banking sector in Nepal continues to undergo significant consolidation, Prime Commercial Bank’s merger proposal aligns with the broader industry trend.
This strategic move aims to enhance the bank’s efficiency, competitiveness, and overall financial strength, ultimately benefiting its stakeholders.
For more: Prime Commercial Bank’s AGM 2024
