Kathmandu, 13 May: The Nepal Investment Bank Ltd (NIBL) and Himalayan Bank Ltd (HBL) signed an MoU today to merge the two big “A” class private sector banks.
NIBL chairman Prithivi Bahadur Pande’ and Himalayan Bank chairman Tulshi Prasad Gautam formally signed the MoU today for a merger.
Both NIBL and HBL are the leading and reputed commercial banks in the country. After the merger, the new name of the Bank will be “Himalayan and Nepal Investment Bank Ltd”, whereas, Prithivi Bahadur Pande’ will be the chairman and Ashok Shusher Rana will be the Chief Executive Officer (CEO).
Accordingly, three board members from NIBL and three from HBL will be incorporated into the Board of Directors of the merged Bank. The new board of directors will also assign one independent board director with the provision of a seven-member board of directors.
The merged bank will be the largest in the country having a paid of capital worth 26.94 billion rupees with the present paid-up capital of NIBL 16.26 billion and HBL’s paid-up capital worth 10.68 billion.
Presently, NIBL holds 14.10 billion rupees as a reserve fund, whereas, HBL holds 7.67 billion rupees.
Accordingly, on the investment side, the NIBL has loan investment worth 160.91 billion rupees in the market and HBL has 127.14 billion rupees as loan investment.
People’s News Monitoring Service
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