Kathmandu. Nepal Rastra Bank (NRB) has agreed to merge with Pokhara Finance Company and Samriddhi Finance Company.
Sending a letter on Monday, the central bank has agreed in principle to both the banks to carry out the merger. The two companies had signed an agreement to merge on July 4.
After the merger, the company believes that after the merger, the company will increase its paid-up capital, loan investment, branch network, customer base and quality services throughout the country. The 23rd annual general meeting of Samriddhi Finance and the 27th annual general meeting of Pokhara Finance had endorsed the proposal for merger of both the companies.
As per the initial agreement, the share ownership of both the companies will be equal to 1:1 for the purpose of merger. It has been agreed that if there is more than 10 percent difference in the DDA report, then the application received will be discussed in detail in the joint merger committee and the share swap ratio of both the institutions will be maintained.
