Himalayan Bank to acquire Civil Bank, agreement being signed today

KATHMANDU: Eventually, Civil Bank Limited will be merged with Himalayan Bank Limited. The possibility of merging Himalayan and Civil Bank was weakened after the initial agreement for the merger was broken last Friday.

However, after continuous discussions, Civil and Himalayan Bank have agreed to the merger. A preliminary agreement for the merger between the two banks will be signed on Wednesday, said an operator of Himalayan Bank.

It has been decided to sign the agreement after the share trading time on Wednesday. There is an understanding to do joint business in the name of Himalayan Bank. After the merger of the shareholders in Civil Bank, which currently has 100 shares in Himalayan Bank, there will be a formal agreement to have 81 shares.

It was agreed to keep the CEO of Civil as the second priority and to adjust the staff in a dignified manner and to give continuity to the board of directors of Himalaya Bank now, said the operator.

Despite an initial agreement between Nepal Investment and Himalayan Bank to merge in April 2078, the merger failed due to a dispute over the swap ratio. The merger was terminated nine months after the Himalayan Bank’s general meeting rejected the merger proposal, saying it could not merge with the swap ratio of 1: 1.

Fiscal Nepal |
Wednesday July 13, 2022, 11:07:52 AM |

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