NIBL’s EGM Approved Acquisition Of City Express Finance Company Ltd

NIBL’s EGM Approved Acquisition Of City Express Finance Company Ltd

Oct. 14, 2020, 1:18 p.m.

Nepal Investment Bank Ltd (NIBL). a leading bank in the “A” class banking category, Extraordinary General Meeting (EGM approved the acquisition of City Express Finance Company Ltd. a class ‘C’ financial institution.

NIBL hosted an Extraordinary General Meeting (EGM) on the 14th of October 2020 at its Durbar Marg Head Office premises. Taking into consideration the Nepal Government’s directive to maintain social distancing due to the COVID-19 pandemic, the meeting was conducted through virtual medium.

The EGM approved the acquisition of City Express Finance Company Ltd. a class ‘C’ financial institution. City Express Finance Company Ltd. will be acquired in the swap ratio of 100:30. After the acquisition, of City Express with a paid up capital of NPR 400 million, the paid up capital of Nepal Investment Bank will reach NPR 14.37 billion. The promoter shareholding will be 68.48% while the general public will hold 31.52% shares post- acquisition.

NIBL has been catering to its customer from 83 branches, 125 ATMs, 17 extension counters, 10 revenue collection counters and 56 branchless banking counters. The bank, being the recipient of five Bank of the Year awards for exemplary service and business, was accredited with Euromoney awards for “Best Bank 2018” from the international publication - Euromoney. Further, ICRA Nepal (International Credit Rating Agency- Nepal) has given the bank a credit rating of A.

More on Economy

The Latest

Latest Magazine

VOL. 14 No. 05, October 16, 2020 ( Ashwin 30, 2077) Publisher: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 14 No. 04, September 18, 2020 ( Ashwin 2, 2077) Publisher: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 14 No. 03, August 21, 2020 ( Bhadra 05, 2077) Publisher: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 14 No. 02, August 07, 2020 ( Shrawan 23, 2077) Publisher: Keshab Prasad Poudel Online Register Number: DOI 584/074-75