Kumari Bank Acquired Four Financial Institutions

Kumari Bank Ltd. has successfully conducted ‘Joint Operations Inaugural Event’ on Friday after acquiring four BFIs: Kasthamandap Development Bank Ltd., Mahakali Bikas Bank Ltd., Kankrebihar Bikas Bank Ltd., and Pashchimanchal Finance Company Ltd

June 30, 2017, 7:20 p.m.

Kumari Bank Ltd. has successfully conducted ‘Joint Operations Inaugural Event’ on Friday after acquiring four BFIs: Kasthamandap Development Bank Ltd., Mahakali Bikas Bank Ltd., Kankrebihar Bikas Bank Ltd., and Pashchimanchal Finance Company Ltd.

Chief Guest of the event Dr. Chiranjibi Nepal, the Governor of Nepal Rastra Bank, officially inaugurated the event of the Bank in a formal ceremony.

Kumari Bank Limited got approval from Nepal Rastra Bank for acquiring four BFIs and to commence joint operations on Jestha 17, 2074.

According to a press release issued by Kumari Bank, after the acquisition with four institutions, Kumari Bank Limited’s paid-up capital has reached Rs. 6.2 billion. The general meeting held on Chaitra 9, 2073 has already approved to issue 20% right share of the paid-up capital. After issuance of the right share, paid-up capital will be more than Rs. 7.4 billion. The total deposit reached Rs. 52.30 billion, loan Rs. 44.95 billion, branch network 74, ATMs 57 and extension counter 2; after the acquisition.

By the end of this fiscal year 2073-74, Nepal Rastra Bank has made the provision to increase paid-up capital up to Rs. 8 billion. The chairman of the BOD, Mr. Santosh Kumar Lama of Kumari Bank Limited has declared that bank will be able to easily reach the prescribed paid up capital amount within the time frame stipulated by Nepal Rastra Bank. Kumari Bank Limited plans to distribute bonus share from the profit earned in this fiscal year.

 

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