Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nabil Bank and United Finance have started joint operation. Earlier, bank’s special general meeting held had passed a resolution to acquire United Finance.
Upendra Prasad Poudyal, Chairman of Nabil Bank, and Basanta Kumar Chaudhary, Chairman of United Finance Limited have inaugurated the joint operation at program organized today.
After the acquisition, the Bank’s paid-up capital and total capital will increase to Rs 13.85 billion and Rs 32.68 billion respectively. Likewise, the Bank’s branch network will increase to 135 with 36 branches located within Kathmandu Valley and the total number of ATMs will be 183. As a result of the acquisition, Nabil Bank’s deposit portfolio will increase to Rs 216 billion and loan portfolio will increase to Rs 201 billion (as per 3rd quarter’s financial result).
With this acquisition, Nabil Bank will enter the market with a new strategy through its innovative services and additional branch network.
Earlier, the special general meeting of Nabil Bank had approved the share price ratio of 100:35 determined on the basis of United Finance’s assets and liabilities valuation report and other related arrangements.
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