NRB approves merger

KATHMANDU:

Nepal Rastra Bank has given the final approval for the merger between Civil Bank Ltd, Axis Development Bank and Civil Merchant Bittiya Sanstha. After the merger, the total paid up capital of Civil Bank will reach Rs 2.88 billion. Kishore Maharjan, CEO of Civil Bank, said that the three entities will start combined operations as a merged unit from the first month of the Nepali year 2071. He further added that the merger will increase the business capacity of the bank making it easier to invest in big infrastructural and industrial projects. Post-merger, the number of branches, including those being established in the near future, will reach 41. Civil Bank, which came into operations three years ago, has already allotted shares reserved for the public.

Source: THT