Kumari Bank gets nod to acquire four institutions

February 1, 2017 03:50 AM Republica

KATHMANDU (REPUBLICA): Nepal Rasta Bank (NRB) has permitted Kumari Bank Ltd to acquire Kasthamandap Development Bank Ltd, Pashchimanchal Finance Company Ltd, Mahakali Bikas Bank Ltd and Kankrebihar Development Bank Ltd.

Issuing a statement, the bank said that the joint committee for acquisition has decided to acquire all four institutions at the rate of Rs 85 per share based on the due diligence audit (DDA). “After the acquisition, a total of Rs 1.64 billion will be added on the bank's capital,” the statement added. According to the bank, it is issuing 50 percent rights shares and 21 percent bonus shares to its shareholders from the profit earned in 2015/2016.

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