22 new banks, financial institutions created after merger

KATHMANDU, June 5:

A total of 22 new banks and financial institutions have been created after merger of 55 banks and financial institutions as per the call by Nepal Rastra Bank (NRB).

They were directed to merge with an objective of making them capable by increasing the confidence of the general public towards banks.

NRB Spokesman Bhaskar Mani Gyawali said financial transactions have been started by merger of class A, B and C banks as per the NRB call.

Process of making five new after merge of 14 is underway. Those getting final approval after completion of process are 14 of Class B.

H and Dev. Bank, Kasthamandap Dev., Infrastructure Dev., Business Universal Dev., Supreme Dev., Vibor Dev., Shine Resunga, Professional, Diyale Dev., Araniko Dev., Apex Dev., Prabhu Dev., Yeti Dev., Reliable Dev., and Biratlaxmi Dev. banks are class B banks after merger.

Machhapuchhre and Standard Finance have merged into Machhapuchhre Class A bank. Global IME has been class A bank after merger of five banks including IME Financial, Lord Buddha Finance, Social Dev. Bank, and Gulmi Dev., and Commerz and Trust Bank.

Axis Dev. and Civil Merchant have merged with class A Civil Bank.

Class A Bank of Asia and Class A NIC Bank have become new NIC Asia after merger.

Source: Republica