Kathmandu, October 16

Civil Bank and International Leasing & Finance Company (ILFC) have started joint operation from today after the successful completion of their merger process. The name of the newly-merged entity will be Civil Bank Ltd and the current composition of the Board of Directors and senior management of Civil Bank will remained unchanged.

The newly merged entity has 51 branches across the country, according to Kishore Maharjan, CEO of Civil Bank.

Civil Bank Ltd is going to acquire two more finance companies in the near future. It has already signed a memorandum of understanding for acquisition of Unique Finance Ltd, which has paid-up capital of Rs 230 million and Hama Merchant & Finance Ltd with paid-up capital of Rs 220 million. After the proposed acquisitions, Civil Bank’s paid-up capital will reach Rs 5.54 billion, according to Maharjan.

In a function organised to inaugurate the joint operation, Maharjan stated that the merger has enhanced the credit expansion capacity and financial strength of the bank. “In the future we can invest in infrastructure and

industrial projects,” he stated, adding, “The bank will continue to introduce new and customer-centric services in the coming days.”

Civil Bank will continue with merger/acquisition initiatives and will also issue bonus and rights shares to meet the target of increasing its paid-up capital to Rs eight billion by the end of this fiscal year as required by Nepal Rastra Bank.