Civil Bank & International Leasing & Finance joint transaction to start from Kartik 1 as Civil Bank

Nepal Rastra Bank had given final approval for the merger of Civil Bank Limited (CBL) and International Leasing and Finance Limited (ILFC) on Ashwin 11, 2073. The joint transaction of both companies will start from Kartik 1, 2073. The merged entity will be named as Civil Bank Limited and will start the integrated business. The merged entity will publish combined quarterly report from the upcoming quarter after their joint operation. The share swap ratio of Civil Bank and ILFC was fixed at 1:0.83. The transaction of both banks will remain closed on Ashwin 30, 2073 for the process of system integration to start joint operation. Everything related to banking services such as ATM services, Internet Banking, Mobile banking, etc. will be closed on Ashwin 30 and Kartik 1, 2073.Also withdrawing of money from ILFC’s ATM/ Debit Card will be dismissed from Kartik 1, 2073. The paid up capital of Civil Bank stands at Rs 3.08 arba. It had earned net profit of Rs 33.66 crore in the fourth quarter of the fiscal year 2072/73. The paid up capital of International Leasing and Finance stands at Rs 2 arba. The bank had earned net profit of Rs 12.48 crore in the fourth quarter of the fiscal year 2072/73. Recently, Civil Bank had signed memorandum of Understanding (MOU) for the acquisition process with  Unique finance and Hama Merchant & Finance.