Nabil Bank to Commence Joint Operation from Ashar 27 After Acquisiton of United Finance

The 568th meeting of the board of directors of Nabil Bank held on Ashar 20 has decided to commence joint operation from Ashar 27 after the acquisition of United Finance Limited.

Nepal Rastra Bank recently gave the final approval to Nabil Bank for the acquisition of United Finance Limited. Nabil Bank and United Finance called their respective SGM on 5th Ashad, 2078 to endorse the acquisition of the latter by the former. Industry giant Nabil Bank signed an acquisition agreement with United Finance Limited on Friday, Baisakh 17, in a program held in the commercial bank's office. As per the agreement, an acquisition agreement was signed in a swap ratio of 1: 0.35.

Following the acquisition, it has been agreed that all of United Finance’s business transactions will be in the name of Nabil Bank and the Bank’s current board members will remain as the board of directors.

After the acquisition, the bank’s paid-up capital will increase to NRs. 13.85 billion. Likewise, the Bank’s branch network will increase to 147 with 37 branches located within Kathmandu valley and the total number of ATMs will be 190. As a result of the acquisition, Nabil Bank’s deposit portfolio will increase to NRs. 216 billion and loan portfolio will increase to NRs. 201 billion (as per 3rd quarter’s financial result). With this acquisition, Nabil Bank will enter the market with a new strategy through its innovative services and additional branch network, the press release reads.