Civil Bank signs merger pact with ILFCL

KATHMANDU, Jan 25: Civil Bank Ltd and International Leasing and Finance Company Limited (ILFCL) have signed an agreement for merger. Issuing a statement, the bak said that it signed a Memorandum of Understanding (MoU) with ILFCL for merger. Chairman of Civil Bank Ichchha Raj Tamang and Chairman of ILFCL Anjay Bahadur Shah signed the agreement amid a ceremony held on Monday.

The bank said that the name of the merged entity will be 'Civil Bank Limited' and the current composition of the Board of Directors and senior management of Civil Bank will continue.

“After the merger, Civil Bank Limited will have a paid-up capital of Rs 5.09 billion, deposits of Rs 28.22 billion, loans of Rs 25.14 billion, and total assets of Rs 36.93 billion. The bank will have 51 branch offices,” the statement quoted Maharjan as saying.

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