Himalayan, Civil banks start joint operation as ‘Himalayan Bank Ltd’

NL Today

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Kathmandu: Himalayan Bank Limited (HBL) and Civil Bank have commenced joint operation as “Himalayan Bank Limited” from Friday. Prachanda Bahadur Shrestha, Chairman, HBL announced the commencement of joint operation amidst a ceremony, the bank said. 

After acquiring Civil Bank, the authorized capital, paid-up and issued capital, total capital and total assets of the bank stand at Rs. 26 billion, Rs. 21.65 billion, Rs. 34 billion and Rs. 334 billion respectively whereas the total deposit and loan stands at Rs. 274 Billion and 250 Billion respectively. 

Likewise, from Friday, the newly-formed entity has 189 branch offices, 20 extension counters and more than 263 AIM booths spread all over Nepal.

Addressing the ceremony, the Chairman of HBL, Shrestha said that the acquisition of CBL has been done considering the current financial situation of the country and the potential of market expansion, investment environment and overall development of the Bank. 

The CEO of HBL Ashoke SJB Rana said that HBL has become one of the most efficient and bigger Bank of the country. “The bank shall focus on providing maximum returns to the investors and offer products and services based on the latest technology.”

The Himalayan Bank has acquired Civil Bank at 1:0.80 swap ratio.