After SBI, Sanima, Citizen, RBB and Prabhu; NIC Asia Bank too is coming out with its own Merchant Banking wing

NIC Asia Bank Limited (NICA) has already done a registration for a company in share registrar to open merchant banking company. NIC Asia capital  limited (confusion in the name) is the name of the merchant banking wing of the bank.It is a 100% subsidiary company of NIC Asia Bank. NIC Asia capital bank is in pipeline to get approval from Securities Board of Nepal (SEBON). The bank will be coming out with mutual fund schemes in future. Laxman Risal CEO of NIC Asia Bank Limited said, “Our target is to start the operation within next four months of getting the approval from the SEBON.” NIC Asia has posted a net profit of Rs 75.95 crore in the  third quarter. At present there are 13 merchant banking in operation and out them seven merchant banks are run by commercial Banks. Siddhartha Bank, Nepal Investment Bank Limited, Nabil Bank, Laxmi Bank, NMB Bank, Civil Bank and Global IME Bank run their own merchant banks. SBI Bank Limited, Sanima Bank, Citizen Bank International Limited, Rastriya Banijya Bank Limited, Prabhu Bank Limited and NIC Asia Bank Limited are planning to come out with their own merchant banking wing.