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Published On: August 27, 2016 09:21 AM NPT By: Republica

Special general meeting approves Civil Bank-ILFLC merger

Special general meeting approves Civil Bank-ILFLC merger

KATHMANDU, Aug 27: A special general meeting of shareholders of Civil Bank Ltd has approved a proposal for its merger with International Leasing & Finance Company Ltd (ILFCL).

Issuing a statement on Friday, the commercial bank said its shares have been priced at Rs 111.08 per share while those of ILFCL are Rs 83 per share based on due diligence reports and approved by the general meeting. “Post-merger, the bank will have 53 branches, with paid-up capital of Rs 5.09 billion,” Civil Bank said.

According to the statement, the bank has indicated that the name of the merged entity will remain Civil Bank Ltd while the composition of the board of directors and the senior management will also remain unchanged.

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