January 2: Nepal Credit and Commerce (NCC) Bank, concluding the long due merger with four development banks, has started integrated transaction on January 1. The four development banks including Supreme, International, Infrastructure and Apex Development Bank was in merger process with the bank since November 27, 2015. Finalising the merger process in 13 months and 7 days, the bank finally started the integrated transaction. Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank inaugurated the integration transaction of the bank amid a function on Sunday.

"NCC Bank should function with a vision of topping the banking sector," said Governor Nepal in the program. The bank obtained an approval for integrated transaction from the Registrar Office on last Thursday.

The paid-up capital of the merged entity has reached Rs 4.67 billion while reserve fund totals Rs 990 million. "As, the excess money accumulated from swap ratio is transfer to reserve fund and while distributing bonus share from it, it is calculated in paid-up capital. Thus, the paid-up capital of the bank has reached Rs 5.66 billion including reserve fund," said Ramesh Raj Aryal, CEO of NCC Bank.

The bank is required to insert additional Rs 2.66 billion in its paid-up capital to meet the minimum paid-up capital cap of Rs 8 billion. CEO Aryal said that the bank will meet the capital requirement in the stipulated time by any means. "The bank has targeted to meet the paid-up capital even by distributing bonus share from its accumulated profit.

After the merger, the deposit collection and loan extension of the bank has amounted to Rs 54.37 billion and 48.62 billion respectively. Similarly, the network of the bank has expanded to 96 branches and 61 ATMs.