A joint annual general meeting (AGM) of National Finance Ltd and Narayani Finance Ltd (Bittiya Sanstha) here today decided to merge the two and name the new institution 'Narayani National Finance Company'.
"After the merger of the two financial institutions, the name of the merged company will be Narayani National Finance Company," said Ram Krishna Manandhar, coordinator of the merger committee and chairman of National Finance.
The joint AGM was held here to merge the two finance companies into one after permission from the Nepal Rastra Bank (NRB), the central authority. Last March, NRB had given the go-ahead for the merger. The two companies had also signed a memorandum of understanding (MoU) after NRB's green signal.
This is the first time in the financial history of Nepal that two different financial institutes of different classes have merged, said Manandhar adding that the merged company plans to get upgraded to a Class B development bank soon. "We plan to upgrade the financial institution to A-Class commercial bank in the long run," he said.
The joint AGM also decided to issue 1:0.5 rights shares to increase the paid up capital for upgrading the institution to a Class-B development bank.
The total paid up capital after the merger is Rs 440 million while the total deposit is registered at Rs 1.56 billion. Loans and credit portfolio stand at Rs 1.53 billion, as of at the end of the third quarter of the current fiscal year. The total net profit is at Rs 40 million, said Manandhar.
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