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Published On: October 17, 2016 08:05 PM NPT By: Republica

Civil Bank completes merger with ILFC

KATHMANDU, Oct 17: Civil Bank Ltd and International Leasing and Finance Company Ltd (ILFC) have completed their merger process and started operation as Civil Bank Ltd from October 17.

Issuing a statement, the bank said it will now have 51 branch offices. The bank has already signed a Memorandum of Understanding (MoU) for acquisition of Unique Finance, and Hama Merchant and Finance having paid-up capital of Rs 230 million and Rs 220 million, respectively.

"The total paid-up capital of the bank will rise to Rs 5.54 billion after the acquisition process is completed," Kishore Maharjan, CEO of Civil Bank, said in the statement.

"The merger will help to enhance the capacity of the bank and enable it to invest in infrastructural and industrial projects," he added.

The statement further added that the bank will give continuity to merger and acquisition process to meet the paid-up capital requirement of Rs 8 billion.

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