December 25: Kumari Bank has appointed Siddhartha Capital as its issue manager to float 50 per cent right shares of its current paid-up capital amounting to Rs 2.69 billion. Rajeev Giri, Acting CEO of Kumari Bank and Dhruba Timilsina, CEO of Siddhartha Capital signed an agreement related with the matter on December 23.

Earlier, Kumari Bank signed memorandum of understanding (MoU) papers with Kasthamandap Development Bank, Paschimanchal Finance Company, Mahakali Bikash Bank and Kakrebihar Bikash Bank for their acquirement. After acquiring these financial institutions, Kumari Bank will attend paid-up capital of Rs 6.35 billion. Similarly, its branch network will reach 74 and loan extension and deposit will reach Rs 40 billion and 50 billion respectively.