Kathmandu. Pakistan's Habib Bank is going to exit by selling its shares in Himalayan Bank. Habib will sell 28 million 12 thousand 447 shares in Himalayan to Himalayan Reinsurance Company. The Chief Executive Officer of Himalayan Bank Ashok Shamser Rana informed that the share purchase agreement between Pakistan's Habib Bank and Himalayan Reinsurance has been sent to Rashtra Bank for prior approval.

Before the merger with Civil Bank, Habib Bank had 20 percent stake in Himalayan Bank. In Himalayan Bank, which has a paid-up capital of 14 billion 62 lakh 23 thousand rupees including bonuses before the merger, 20 percent of Himalayan Bank has 20 million 80 lakh 12 thousand 447 shares worth 2 billion 80 million 12 lakh 44 thousand 760 rupees.

The said share purchase agreement has been sent to Rashtra Bank for fit and proper test. Pakistan's Habib Bank tried to exit by selling shares of Himalayan Bank in 2076 before the Covid-19 epidemic. He made an agreement to buy shares from Commonwealth Development Corporation Group (CDC) of Britain. Even after the bank reached a decision to buy and sell shares with CDC, it was not successful due to the obstruction of the then bank chairman Manoj Bahadur Shrestha.

According to the existing system, there was a system where shares could be sold outside the founder only if the existing founding shareholder did not purchase the shares. The founders were not ready to buy shares valued at Rs 280 per share. After that, the entry of CDC was almost certain. Even though Rashtra Bank was positive about it, bank sources said that the bank's then bank chairman Manoj Bahadur Shrestha obstructed CDC in the process of purchasing shares.