Market Watch
Five finance institutions getting ready for merger
Published by Octron on July 30, 2009
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The merger of five financial institutions, which have been permitted by the Nepal Rastra Bank, has reached final stage.
Himchuli Development Bank of Pokhara, Mahalaxmi Finance of Birgunj, Butwal Finance of Butwal and Siddhartha Finance of Bhairahawa have been permitted to merge with each other.
The financial institutions have applied for upgrade by presenting Rs 2.1 billion paid up capital. All process for the merger has been completed and documents have been sent to NRB for final approval, said Himchuli Development Bank’s chairman Sushil Raj Parajuli.
The details of all institutions have been received to issue rights shares for merger, he said He said rights shares will be issued soon and the merger process will complete by Dashain. Each of the institute will contribute Rs 420 million.
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