Civil Bank clarifies no official decision on merger

KATHMANDU: Civil Bank has clarified that it has not made any decision regarding its merger with Himalayan Bank.

The Nepal Stock Exchange (Nepse) had sought an explanation from Civil Bank on Sunday after rumors spread that it was going to merge with Himalayan Bank.

On Monday, Civil Bank’s CEO Govinda Gurung told Nepse that any decision regarding a merger with Himalayan Bank has not been made.

“In line with the merger policy taken by Nepal Rastra Bank, the bank has informally approached some banks in search of a possible merger. But so far no formal decision has been taken by the bank’s merger committee and board of directors regarding a merger,” said Gurung responding to Nepse.

A few media organizations had reported about a merger between Civil Bank and Himalayan Bank recently. Civil Bank was charged of intentionally disseminating this rumor in a bid to boost its share price.

Fiscal Nepal |
Monday September 21, 2020, 01:19:16 PM |

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