Kathmandu, December 22
In line with the merger and acquisition policy of banks and financial institutions (BFIs) adopted by the government, seven pairs of BFIs have received letter of intent (LoI) from Nepal Rastra Bank (NRB) to start the consolidation process. Similarly, four pairs of BFIs are in the process of getting LoI from the central bank for merger.
As per NRB, NESDO Microfinance and Nepal Agro Laghubitta Bittya Sanstha; Jeevan Bikas Microfinance and Salva Lagubittia Bittiya Sanstha; Manakamana Laghubitta Bittiya Sanstha and Smart Laghubitta Bittiya Sanstha; and Mega Bank and Gandaki Bikas Bank have presented a merger proposal at the central bank.
Among those BFIs that have already acquired LoI from NRB to enter into the merger and acquisition process, Prime Commercial Bank and Kailash Bikas Bank; Bijaya Laghubitta and Sweda Laghubitta; and Citizens Bank and Sahayogi Bikas Bank have started the process to get merged officially.
The other four pairs of BFIs that have received LoI are Suryodaya Laghubitta and Trilochan Laghubitta; Aarambha Laghubitta and Chautari Laghubitta; Mirmire Nagbeli Laghubitta and Kisan Laghubitta; and Unnati Microfinance and Sahakarya Laghubitta.
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