KATHMANDU / The Nepal Rastra Bank (NRB) has given approval for the Nepal Investment Bank Ltd (NIBL) to acquire City Express Finance.
A virtual meeting of the board of directors of NRB held on Sunday decided to approve the merger of these two financial institutions.
NIBL is acquiring City Express Finance, which has paid-up capital of Rs 400 million, at a rate of Rs 30 per unit share. Following acquisition of City Express Finance, the paid-up capital of Nepal Investment Bank will reach Rs 14.37 billion.
Meanwhile, the central bank also approved the merger of Sparsha Laghubitta and Global IME Laghubitta.