NRB shows green flag for Nepal Investment Bank to acquire City Express Finance; Merger between Sparsha Laghubitta and Global IME Laghubitta also approved

A meeting of the Board of Directors of NRB held on Sunday has given final approval to Nepal  Investment Bank to acquire City Express Finance.

The meeting of the Board of Directors of NRB was held virtually. Governor Maha Prasad Adhikari and Deputy Governor Chintamani Shivakoti participated in the meeting online from their offices while other operators attended the meeting from home. The secretariat made all the arrangements from the meeting hall.

Endorsing the decision to acquire City Express Finance via a special General Meeting, Nepal Investment Bank had sent an application to NRB for final approval.

Nepal Investment Bank will acquire City Express Finance at a rate of Rs. 30 per unit. After acquiring City Express Finance, which has a paid-up capital of Rs. 40 crores, the paid-up capital of Nepal Investment Bank will reach 14.37 Arba. This will take the promoter: public shareholding ratio to 68.48: 31.52.

The board meeting of the central bank has also given approval for the merger of Sparsha Laghubitta and Global IME Laghubitta.