Lumbini Bank‚ Manjushree Finance abort merger plans

KATHMANDU:

Lumbini Bank Ltd (LBL) and Manjushree Financial Institution (MFI) have officially aborted their plans for merger. The financial institutions failed to agree on different terms despite getting early stage approval by Nepal Rastra Bank for the same. Nepal Stock Exchange (Nepse) will resume the share trading of both the financial institutions following cancellation of merger plans. The shares of these institutions were traded last in December 11, 2013. LBL had sought the merger to increase its paid-up capital to the regulator’s requirement of Rs two billion. At present, the class ‘A’ bank has paid-up capital of Rs 1.7 billion. Meanwhile, sh are trading of Civil Bank resumed in the stock exchange following its successful merger with Axis Development Bank and Civil Bittiya San-sthan. Its 130 units of shares were traded at Rs 151 today.

Source: THT