NRB provides final approval for merger of Central Finance and Bhaktapur Finance

Thu, Feb 23, 2017 12:42 PM on Latest, Featured,
Nepal Rastra Bank Limited has provided final approval for the merger of Central Finance Limited with Bhaktapur Finance Company Limited. Central Finance and Bhaktapur Finance are undergoing merger with a share swap ratio of 1:1. Issuing a press statement, Central Finance Limited said that the name of the finance company after merger will be “Central Finance Limited” with its head office in Kupondole, Lalitpur and will start integrated operations as a class “C” national-level finance company. 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. It plans to start joint operation soon.