NRB provides final approval to 6 BFIs for merger; Century receives LOI for acquiring Seti

Nepal Rastra Bank (NRB) has provided final approval for merger/acquisition to 6 different Banks and Financial Institutions (BFIs). Global IME Bank has received final approval to acquire Reliable Development Bank while Sewa Bikas Bank and Kamana Bikas Bank have received approval for merger with each other. Likewise, Shangrila Development Bank has also received final approval to acquire Cosmos Development Bank. Similarly, Century Commercial Bank Limited (CCBL) has received Letter of Intent (LOI) to acquire Seti Finance Limited. CCBL, which recently started joint operation after acquiring Innovative and Araniko Development Bank, has also recently endorsed final agreement for acquiring Sagarmatha Finance. CCBL has also received LOI from NRB to acquire Alpine Development Bank.