Merger letter of Himalayan and Investment Bank to the Nepal Rastra Bank

Dec Sun 2021 01:17:55

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Merger letter of  Himalayan and Investment Bank to the Nepal Rastra Bank

Kathmandu. Merger of Himalayan Bank and Nepal Investment Bank has reached Nepal Rastra Bank. Both the banks have sent a letter of extension to the NRB even after the expiry of the six-month deadline provided by the NRB. NRB Executive Director and Spokesperson Dev Kumar Dhakal said that a letter has been received from NRB stating that more time is needed for the merger of Himalayan and Investment Bank.

These banks, which reached NRB with the initial agreement of merger, had already received in-principle approval on June 4. According to the merger policy, the final approval for the integrated transaction has to be obtained within three months of the in-principle approval of the NRB. However, they have demanded more time in this regard, said NRB spokesperson Dhakal. He said, "The NRB decides how much more time they can give based on the reasons why they could not merge within the time limit given by the NRB."

Meanwhile, news is coming out that the problem has been removed from both the banks in the merger. At the same time, the investment bank has held its general meeting. However, a board member of Himalayan Bank said that it is not yet clear whether the merger will take place as Himalayan Bank has not been able to formulate a clear idea for the merger in its board of directors.