Sunrise Bank & NIDC Capital Markets Ltd joint transaction to start from Magh 28 as Sunrise Bank Ltd

Nepal Rastra Bank has given final approval for the acquisition of NIDC Capital Markets (NCM) Ltd by Sunrise Bank Limited (SRBL) on Magh 13, 2073. The joint transaction of both companies will start from Magh 28, 2073. The new entity will be named as “Sunrise Bank Limited” and will start the integrated business as an “A” class commercial bank. The swap ratio for the acquisition is 100:65. After the acquisition, the registered office of the bank will be in Gairidhara, Kathmandu. Earlier, Sunrise Bank had acquired Narayani National Finance Limited in the swap of 100:77. The paid up capital of Sunrise Bank remains at Rs 5.30 arba. It had earned net profit of Rs 25.31 crore in the first quarter of the fiscal year 2073/74. The paid up capital of NIDC Capital stands at Rs 23.35 crore. The company has earned net profit of Rs 5.45 crore in the second quarter of the fiscal year 2073/74.