Civil Bank to acquire Hama Finance
Kathmandu, September 4
Civil Bank has signed a memorandum of understanding to acquire Hama Merchant and Finance Ltd. Bank Chairman Ichchha Raj Tamang and Chairman of Hama Finance Ranjan Krishna Shrestha signed the MoU.
As per the MoU, even after post-acquisition, the board of directors and senior management of Civil Bank will remain the same.
Civil Bank’s paid-up capital will reach Rs 5.54 billion after the acquisition. The bank has already carried out merger with International Leasing & Finance Ltd and has acquired Unique Finance, reads the statement issued by the Civil Bank today.
In the MoU signing programme, Kishore Maharjan, CEO of Civil Bank, said that this acquisition will enhance the business capacity of the bank, enabling it to invest in infrastructural and industrial projects.
The bank has announced it would introduce new and customer-focused services in the upcoming days. The bank shall issue bonus and rights shares and also continue with merger as well as acquisition initiatives simultaneously to fulfil the target of increasing its paid-up capital to Rs eight billion as per the requirement of Nepal Rastra Bank, the statement says.