Kathmandu, July 11
Nabil Bank has announced the completion of the Nepal
Bangladesh (NB) Bank acquisition process. The two banks started their
integrated transitions as Nabil Bank Limited from Monday, July 11. The central
bank has allowed the two banks to start their integrated transitions.
Nabil has acquired Nepal Bangladesh Bank Limited with
the permission from the Nepal Rastra Bank. With the completion of this
acquisition process, Nabil bank has received all the capital and financial
responsibilities of NB Bank, Chairman of the former, Upendra Poudyal, said at a
programme organised to announce the joint operation on Monday evening.
"The two banks have reached an understanding to
take the lead in nation-building by expanding and strengthening the esteemed
institutions that have been playing a leading role in Nepal's financial sector,"
he said.
The bank said that it has become the largest financial
institution in the country after the acquisition.
"After discussing the need for acquisition and
justification of Nabil Bank and NB Bank, we have taken steps to further enhance
the public's trust in the bank, taking into account the needs of the overall
banking system," said Gyanendra Dhungana, Executive Director of the bank.
He informed that an understanding has been reached
between the two banks with the objective of taking the lead in nation building
by expanding and strengthening the institutions that have been playing a
leading role in Nepal's financial sector.
According to him, the stability of the banking sector
would be supported by making the banking system more well-governed, secure,
clean, efficient and capable. The aim is to provide more modern banking
facilities to the general public by enhancing the banking system, human
resources, technical and other overall capacity as the bank grows.
“We will protect the interests of our depositors,
investors and other stakeholders," Dhungana said.
The two class 'A' banks had reached an agreement for
the acquisition in January this year with the swap ratio of 100:42.
The bank now has Rs. 22.73 billion in paid up capital.
It has 235 branch networks and more than 1.6 million customers.
Published in The Rising Nepal on 12 July 2022.
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