Kathmandu. Himalayan Bank and Civil Bank, which are in the process of merger, have held their Annual General Meeting on the same day 28 poush 2079.

Himalayan and Civil Bank's Board of Directors meeting held on Wednesday (6th of December) decided to hold the Annual General Meeting on the same day on 28th of December. Accordingly, the 30th Annual General Meeting of Himalayan Bank will be held at Hotel Solti, Soltimode, Kathmandu from 11 am and the 12th Annual General Meeting of Civil Bank will be held at Amritbhog, Kalikasthan, Kathmandu from 11 am.

8 percent bonus shares and 11.11 percent cash dividend (including tax) of the proposed paid-up capital for the financial year 2078-79 will be approved by the meeting of Himalayan Bank. 5 percent bonus shares of the proposed paid-up capital and 0.26 percent cash dividend for tax purposes will be passed by the meeting of Civil Bank.

Both the meetings will approve the merger process determined 1:0.8028 swap ratio i.e. 100 shares of Civil Bank equal to 80.28 shares of Himalayan Bank to the shareholders of the said company. After the acquisition of Civil Bank, the issued and paid-up capital of the bank will increase and the share ownership percentage of the founders and general shareholders will also change, so the meeting will also approve the proposal to amend the various related sections of the bank's charter and regulations accordingly.

Both the assemblies will also pass a special resolution to approve the integrated business under the name of Himalayan Bank after the acquisition of Civil Bank. In the acquisition process, both the assemblies will also approve the proposal to get approval from the regulatory bodies such as Nepal Rastra Bank, Company Registrar's Office, Nepal Securities Board.

Himalayan Bank has decided to close the books from January 2nd to January 12th and Civil Bank on January 3rd for the purpose of dividend and annual general meeting. This means that in order to be eligible to receive the dividends of these two banks and to participate in the meeting, shareholders must be established by January 1 and January 2, respectively.