Civil Bank Acquires Hama Merchant

September 5: Civil bank has acquired Hama Merchant and Finance in a bid to increase its paid-up capital as per the NRB directive. Ichchha Raj Tamang, Chairman of Civil Bank and Rajan Krishna Shrestha, Chairman of Hama Merchant signed a memorandum of understanding (MoU) on this regard on September 4. 

Earlier, the bank had merged with International Leasing and Finance and acquired Unique Finance. After the merger, the bank’s paid-up capital will reach Rs 5.54 billion.

 Issuing a press statement, the bank informed that the name and current composition of the board of directors (BOD) and senior level of management of the Civil Bank will remain same after the acquisition.

 “Civil Bank will introduce new and customer focused services in the coming days. It will issue bonus and rights shares and initiate additional merger and acquisition process with other BFIs in order to meet the paid-up capital of Rs 8 billion,” reads the statement.