KATHMANDU, Dec 30: Nepal Investment Bank Limited (NIBL) has scheduled its special annual general meeting (AGM) for January 18 to expedite its plan to merge with Himalayan Bank Limited (HBL).
According to NIBL, it has listed the merger with HBL as one of the main agendas to be discussed at its AGM. HBL is also conducting its AGM on January 14, targeting to endorse the issues related to the merger.
NIBL, Mega endorse final agreement for merger
The two commercial banks inked a memorandum of understanding for a merger on May 13, agreeing to name the merged entity as ‘Himalayan and Nepal Investment Bank Limited.’ The merger of these commercial banks, the first ever unification of two big entities, is expected to set a precedent to facilitate the merging of other big financial institutions in Nepal at a time when the central bank has been pushing for reducing the number of commercial banks.
