Rastra Bank grants LOI to merger and acquisition of 6 BFIs; NRB also approves debenture of NMB bank

Nepal Rastra Bank (NRB) has granted the Letter Of Intent (LOI) to six banks and financial institutions for mergers and acquisitions. These BFIs are:

Sunrise Bank (SRBL) acquiring Srijana Finance (SFFIL)

The current paid-up capital of SRBL is Rs 8.96 arba and of SFFIL is Rs 73 crore. After the merger, the total number of branches will reach 133.

Sarathi Laghubitta merging with Naya Nepal Laghubitta (NNLB)

The current paid-up capital of Sarathi Laghubitta is 11.04 crore and that of NNLB is Rs 10.08 crore.

Sajilo Laghubitta merging with Summit Laghubitta (SMFDB)

The current paid up capital of Sajilo Laghubitta is Rs 14.89 crore and that of SMFDB is Rs 21 crore.

Similarly, NRB has also granted NMB Bank permission to issue debentures worth Rs 2 arba with the maturity of 6 years. The debentures will be offering 10.26% interest rate.