Himalayan Bank Ltd Started Joint Operation With Civil Bank

Himalayan Bank Ltd Started Joint Operation With Civil Bank

Feb. 27, 2023, 8:38 a.m.

Himalayan Bank Limited has successfully acquired Civil Bank Limited. After the acquisition, the two entities have started joint operation from February 24,2023(Friday).

Following the successful acquisition of Civil Bank Ltd (CBL), Himalayan Bank Ltd (HBL) has commenced its joint operation from today as 'Himalayan Bank Ltd'.

Prachanda Bahadur Shrestha, chairperson of HBL, announced the commencement of joint operation amid a ceremony held here today morning. Addressing the ceremony, Shrestha said that the acquisition of CBL was done considering the current financial situation of the country and potential of market expansion, investment environment and overall development of the bank.

"HBL vows to be a companion on the path of progress, development and prosperity of its customers in a more comprehensive and sophisticated manner," Shrestha added.Likewise, Pradip Jung Pandey, former chairperson of CBL, stated that the merger of both the banks is to become one of the most efficient and capable banks in the industry.

The CEO of HBL Ashoke SJB Rana said that HBL has turned into the one of the most efficient and biggest banks of the country and added that the bank shall focus on providing maximum returns to its investors and offer products and services based on latest technology.After acquiring CBL, the authorised capital of HBL now stands at Rs 26 billion whereas paid-up and issued capital has reached Rs 21.65 billion. Moreover, the total capital and total assets now stand at Rs 34 billion and Rs 334 billion, respectively.

The bank's total deposit has reached at Rs 274 billion while the total disbursed loan amount stands at Rs 250 billion.

Also, the total branch network of the HBL is now 189, along with 263 ATM booths and 20 extension counters spread all over Nepal.Following the acquisition, the current board of directors of the HBL, including HBL Chairperson Shrestha will continue in the same post. Likewise, HBL CEO Rana shall also retain his post.HBL has acquired CBL at 1:0.8028 share swap ratio and headquarter of HBL, located at Kamaladi, in Kathmandu , has remained as the central office.

Following the acquisition, the transaction will be carried out under “Himalayan Bank Limited”. Ashok Shumsher Rana is the Chief Executive Officer(CEO) of the bank.

Earlier, both the banks had reached a preliminary agreement to for acquisition on Ashad 29, 2079 BS.

After the acquisition, the Himalayan Bank ‘s total paid-up capital has reached Rs 34 billion. Likewise, total deposits have reached Rs 274 billion and total loans Rs 250 billion. The total branch network of the bank has reached 189.

Speaking at the inaugural ceremony of the joint transaction of the Himalayan and Civil Bank, CEO Ashok Shumsher Rana said that bank ranked in the seventh and sixth positions in terms of deposits and lending respectively.

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