Himalayan Bank successfully concludes its 30th AGM; endorses 19.11% dividend for shareholders and acquisition of Civil Bank

Himalayan Bank Limited has successfully concluded its 30^th Annual General Meeting (AGM) at Hotel Soaltee today. The AGM was chaired by the Chairman Mr. Prachanda Bahadur Shrestha. The AGM has unanimously endorsed the special agenda of acquiring Civil Bank Limited. Mr. Shrestha presented the Director’s report to the AGM and the agendas for approval. Mr. Shrestha extended his special gratitude to the ex-chairman and promoter shareholders Mr. Himalaya S Rana, Late Narsingh Bahadur Shrestha, Late Mohan Gopal Khetan, Mr. Manoj Bahadur Shrestha, Mr. Tulasi Prasad Gautam and the Directors who had given their time and effort to make the Bank one of the efficient and excellent Bank in the industry since its inception.

The AGM has approved the financials of FY: 2078/079 along with the agendas of distributing 8% Bonus Share, equivalent to Rs. 1.03 Billion and 11.11% Cash Dividend (incl. taxes), equivalent to Rs. 1.44 Billion, a total 19.11% dividend to its shareholders from the profit of FY 2078-79. Further, the AGM unanimously elected Mr. Bijaya Bahadur Shrestha as the Public Director for another term.

The AGM has unanimously approved special agenda of acquiring Civil Bank at the Swap Ratio of 1:0.8028 (shareholder possessing 100 units of share of Civil Bank will get 80.28 units of shares of Himalayan Bank). After acquiring Civil Bank Limited, the joint operation shall be carried out in the name of “Himalayan Bank Limited”. Upon acquiring Civil Bank, the authorized capital, paid-up capital and total capital fund of the Bank will be Rs. 26 Billion, more than Rs. 21.65 Billion and Rs. 36.69 Billion respectively. Similarly, post-acquisition, the bank shall continue to serve its valued customers from 189 Branches, 19 Extension Counters and 262 ATM Booths.

Following the merger/acquisition policy of NRB, the Bank believes that this acquisition will have positive impact in country’s economy including financial industry of the country. The Bank also believes that the shareholders, customers and all the well-wishers of the Bank will continue to support in the growth of the Bank.

The Bank concluded its AGM successfully in the presence of large number of shareholders who gave their views on the agendas presented for approval and the AGM was concluded before 12:00 noon.