Kathmandu, August 2

In the latest event of mergers and acquisitions, Civil Bank Ltd is going to acquire Unique Finance Ltd.

Chairman of Civil Bank Ichchha Raj Tamang and Chairman of Unique Finance Ltd Binod Bahadur Khatri signed a unanimous agreement to this effect, as per a media release issued today.

Post-merger and acquisition, the name and the current composition of the board of directors and senior management of Civil Bank will remain the same.

Civil Bank’s paid-up capital will reach Rs 5.31 billion after the merger with International Leasing and Finance having paid-up capital of Rs two billion and acquisition of Unique Finance having paid-up capital of Rs 230 million.

This merger will enhance the business capacity of the bank, enabling it to invest in big infrastructural and industrial projects, the release has quoted Kishore Maharjan, CEO of Civil Bank, as saying.

The bank, which is operating with state-of- the-art T24 banking software, has stated that it will continue to introduce new and customer-focused services in the upcoming days.

The bank shall issue bonus and rights shares and also continue with merger and acquisition initiatives simultaneously to fulfil the target of increasing its paid-up capital to Rs eight billion by the end of this fiscal as required by Nepal Rastra Bank, the central bank.