Bank of Kathmandu (BoK) Ltd and three financial institutions — International Leasing and Finance Co Ltd, Shree Investment and Finance Co Ltd, and Nepal Express Finance Ltd — have reached an understanding to merge.
A memorandum of understanding has been signed by the chairpersons of all the institutions — Satya Narayan Manandhar of Bank of Kathmandu, Anjay Bahadur Shah of International Leasing and Finance, Rabindra Raj Pandey of Shree Investment and Finance, and Santosh Narayan Shrestha of Nepal Express Finance. Further process of the merger will be initiated after the Letter of Intent is received from Nepal Rastra Bank.
As per the understanding, the three ‘C’ class finance companies will merge with ‘A’ class commercial bank, BoK and operate under the name ‘Bank of Kathmandu Ltd’, after successful completion of the merger process.
BoK is a commercial bank that has been in operation since March 12, 1995. International Leasing and Finance started operations on
October 31, 1995, Shree Investment and Finance on June 1, 1995, and Nepal Express Finance on May 4, 2006.
As per the financial statements published for financial year 2012-13, the paid-up capital of BoK is Rs 1.92 billion. Similarly, the paid up capital of International Leasing and Finance, Shree Investment, and Nepal Express Finance for the same period was Rs 2.01 billion, Rs 176 million and Rs 197 million, respectively.
Further, total deposit and loans (net) of BoK in the same period were Rs 27.70 billion and Rs 22.56 billion, respectively. During the same period, the total deposit and loans (net) of International Leasing and Finance were Rs 1.42 billion and Rs 2.49 billion, Shree Investment and Finance Rs 1.51 billion and Rs 1.23 billion, and Nepal Express and Finance Rs 780 million and Rs 680 million.
source: the himalayan times,12 june 2014
LINK
A memorandum of understanding has been signed by the chairpersons of all the institutions — Satya Narayan Manandhar of Bank of Kathmandu, Anjay Bahadur Shah of International Leasing and Finance, Rabindra Raj Pandey of Shree Investment and Finance, and Santosh Narayan Shrestha of Nepal Express Finance. Further process of the merger will be initiated after the Letter of Intent is received from Nepal Rastra Bank.
As per the understanding, the three ‘C’ class finance companies will merge with ‘A’ class commercial bank, BoK and operate under the name ‘Bank of Kathmandu Ltd’, after successful completion of the merger process.
BoK is a commercial bank that has been in operation since March 12, 1995. International Leasing and Finance started operations on
October 31, 1995, Shree Investment and Finance on June 1, 1995, and Nepal Express Finance on May 4, 2006.
As per the financial statements published for financial year 2012-13, the paid-up capital of BoK is Rs 1.92 billion. Similarly, the paid up capital of International Leasing and Finance, Shree Investment, and Nepal Express Finance for the same period was Rs 2.01 billion, Rs 176 million and Rs 197 million, respectively.
Further, total deposit and loans (net) of BoK in the same period were Rs 27.70 billion and Rs 22.56 billion, respectively. During the same period, the total deposit and loans (net) of International Leasing and Finance were Rs 1.42 billion and Rs 2.49 billion, Shree Investment and Finance Rs 1.51 billion and Rs 1.23 billion, and Nepal Express and Finance Rs 780 million and Rs 680 million.
source: the himalayan times,12 june 2014
LINK
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