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Kumari Bank to Acquire four Financial Institution

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Kumari Bank to Acquire four Financial Institution
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October 04: Kumari Bank will acquire four financial institutions to increase its paid-up capital as per directed by Nepal Rastra Bank. Issuing a press statement, the bank said that it has recently signed agreements to acquire Kasthamandap Development Bank, Paschimanchal Finance, Mahakali Bikas Bank and Kankrebihar Bikas Bank.

The bank said that its services including deposit collections, loan extensions, branching of networks will expand after the acquisitions. The bank informed that the number of branches will reach to 74 after the acquisitions. Similarly, deposit of the bank will total Rs 50 billion, whereas investment will amount to Rs 40 billion.

Meanwhile, the bank has planned to issue 50 percent right shares to increase its paid-up capital.  Similarly, the bank will distribute bonus shares to its shareholders from net profit of last and previous FYs.

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