HBL and NIBL seek additional time for their merger

Published On: December 5, 2021 06:15 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 5: Himalayan Bank Limited (HBL) and Nepal Investment Bank Limited (NIBL), which have been in the merging process, have requested Nepal Rastra Bank (NRB) to extend the deadline to complete the final unification process between the two banks.

The two commercial banks inked a memorandum of understanding for merger on May 13, agreeing to name the merged entity as ‘Himalayan and Nepal Investment Bank Limited.’ These entities have crossed the central bank’s deadline of six months to complete the unification process.

According to NRB Spokesperson Dev Kumar Dhakal, the banks have sent letters to NRB requesting to extend the deadline.

Both the banks have agreed to maintain the swap ratio at 1:1 to go into merger. Rastriya Beema Samiti, Mahalaxmi Investment and Chhaya Investment are the major investors in NIBL while Habib Bank (Pakistan), Employees Provident Fund and Aabha International are the top investors in HBL.



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