According to a press statement, Ichcha Raj Tamang, chairperson of Civil Bank, Bidur Dhamala, chairperson of Axis Development Bank and Arun Raj Shrestha, director of Civil Merchant Finance Company signed the agreement. [break]
The name of the bank will remain Civil Bank Limited after the merger. According to the statement, the paid-up capital of Civil Bank is Rs 2 billion, that of Axis Development Bank and Civil Merchant Finance Company are is Rs 718.1 million and Rs 166.5 million, respectively.
After the merger, Civil Bank will have enhanced capacity to conduct larger transactions, thus contributing to exponential growth in returns, added the statement.
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