Kathmandu. The 30th Annual General Meeting of Himalayan Bank Limited has been completed. The Assembly unanimously passed the special proposal to acquire Civil Bank Limited. Prachanda Bahadur Shrestha, Chairman of the Bank and Assembly, read the report of the Board of Directors and discussed the proposals presented in the General Assembly for approval.

Similarly, the assembly has passed a proposal to provide 8 percent bonus shares and 11.11 percent cash dividend (including tax) to its shareholders from the profits of the same financial year along with the annual report of the financial year 2078-079. The General Assembly elected Bijay Bahadur Shrestha unopposed to the Board of Directors on behalf of the general shareholders.

From that general meeting, Himalayan Bank Limited has unanimously passed other proposals including the proposal to acquire shares of Civil Bank Limited at the ratio of 80.28 equal to 100 (the shareholders who own 100 shares of Civil Bank will get 80.28 shares of Himalayan Bank). Himalayan Bank will conduct consolidated business under the name of "Himalayan Bank Limited" after acquisition of Civil Bank.

After Himalayan Bank acquires Civil Bank, the total authorized capital of the bank will be 26 billion, while the issued and paid-up capital will be more than 21.65 billion. After the acquisition, the total capital of the bank will be more than 36.69 billion. Similarly, the total branch network of the bank will reach 189, extended counters 19 and number of ATMs will reach 262.

The Bank believes that this acquisition will contribute to the financial development of the entire nation including banking, by adopting the merger and acquisition policy of Nepal Rastra Bank.