Nabil Bank to acquire United Finance

Kathmandu, April 30 . Nepal’s leading commercial bank, Nabil Bank Limited has signed an agreement for acquisition ofUnited Finance Limited, a ‘C’ class financial institution with its registered office at Durbarmarg, Kathmandu. In an agreement signing ceremony conducted today, the merger committee’s coordinator from Nabil Bank’s side, Mr. Udaya Krishna Upadhyay and the coordinator from United Finance Limited’s side, Mr. Manish Kumar Khemak have inked the agreement for acquisition.

Following the acquisition, it has been agreed that all of United Finance’s business transactions will be in the name of Nabil Bank and the Bank’s current board members will remain as the board of directors.

After the acquisition, the Bank’s paid up capital will increase to NRs. 13.85 billion. Likewise, the Bank’s branch network will increase to 147 with 37 branches located within Kathmandu valley and the total number of ATMs will be 190. As a result of the acquisition, Nabil Bank’s deposit portfolio will increase to NRs. 216 billion and loan portfolio will increase to NRs. 201 billion (as per 3^rd quarter’s financial result). With this acquisition, Nabil Bank will enter the market with a new strategy through its innovative services and additional branch network.