KATHMANDU, June 19: Nabil Bank Limited has stepped up the process to acquire United Finance Limited (UFL), with the special general meeting of NBL held on Saturday approving the acquisition process.
“We have entered the last mile of assimilating the two institutions,” said Nabil Chief Executive Officer Anil Keshary Shah. On May 5, Nabil and UFL signed an agreement for the unification. The share swap ratio has been maintained at 35 unit shares of the Nabil equating 100 shares of UFL.
After the acquisition, Nabil’s paid-up capital will increase to Rs 13.85 billion. Likewise, the bank’s branch network will increase to 147 with 37 branches located within the Kathmandu Valley and the total number of ATMs will be 190. The unified organization will have a deposit portfolio of Rs 216 billion and loan portfolio will increase to Rs 201 billion as of the third quarter report of the two financial institutions, according to Nabil.