Bhaktapur & Central Finance joint transaction to start from today as Central Finance
Thu, Mar 23, 2017 10:56 AM on Latest, Featured, Stock Market,
Nepal Rastra Bank had given the final approval for the merger of Bhaktapur Finance Company Limited (BFCL) and Central Finance Company limited (CFCL) on Falgun 11, 2073. The joint transaction of both companies starts from today (Chaitra 10, 2073).
The merged entity is named as Central Finance Limited, and starts the integrated business as a class “C” national-level finance company. The merged entity will be publishing combined quarterly report in the upcoming quarter after their joint operation starts.
After the merger, the registered office of the bank will be at Lalitpur District, Kupondol-10.
Central Finance and Bhaktapur Finance had merged with a share swap ratio of 1:1.
After the merger, Central Finance will have a paid up capital of Rs 52.66 crore. The finance company will meet the NRB’s minimum stipulated capital requirement of Rs 80 crore by issuing right and bonus shares.
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