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Kathmandu, 17 October: Nepal Investment Bank Ltd. a leading bank in the “A” class banking category, hosted an Extraordinary General Meeting (EGM) on the 14 October at its Durbar Marg Head Office premises.

Taking into consideration the Nepal Government’s directive to maintain social distancing due to the COVID-19 pandemic, the meeting was conducted through a virtual medium. The EGM approved the acquisition of City Express Finance Company Ltd. a class ‘C’ financial institution.

City Express Finance Company Ltd. will be acquired in the swap ratio of 100:30. After the acquisition, of City Express with a paid-up capital of NPR 400 million, the paid-up capital of Nepal Investment Bank will reach NPR 14.37 billion. The promoter shareholding will be 68.48% while the general public will hold 31.52% shares post-acquisition.

NIBL has been catering to its customer from 83 branches, 125 ATMs, 17 extension counters, 10 revenue collection counters and 56 branchless banking counters. The bank, being the recipient of five Bank of the Year awards for exemplary service and business, was accredited with Euromoney awards for “Best Bank 2018” from the international publication – Euromoney. Further, ICRA Nepal (International Credit Rating Agency- Nepal) has given the bank a credit rating of A.

People’s News Monitoring Service