NIC asia bank started its operation

Kathmadnu, July 1 – NIC ASIA Bank, has started its operation from sunday. NIC is formend after the merger with two commercial banks — NIC Bank and Bank of Asia Nepal. This is the first merger of Class ´A´ bank in Nepal´s banking history.

 

Nepal Rastra Bank (NRB) Governor Dr Yuba Raj Khatiwada inaugurated NIC Asia Bank amid a function on Sunday, six months after the two Class ´A´ banks signed merger agreement.

 

With the merger, the newly formed entity has 53 branch offices and 57 ATMs. The bank plans to increase the number of branches to 66 with the relocation of 13 branches. It boasts of capital base close to Rs 5 billion with deposit base worth Rs 38 billion and loan and advance amounting to Rs 33 billion.

 

As per the agreement, two shares of Bank of Asia have been converted into one share of NIC Asia Bank. Shareholders of NIC Bank, however, will receive one share of NIC Asia Bank for every one share they held in NIC Bank.