Merger of West Finance and Synergy Finance

April 10: West Finance and Synergy Finance have decided to merge with 1:1 share swap ratio. The decision was passed by the 21st Annual General Meeting of West Finance held on Saturday.

According to the provisions of Nepal Rastra Bank (NRB), all C-class financial institutions of the country need to have a paid-up capital of Rs 800 million to conduct transaction in Nepal.

In order to meet the requirement set by the central bank, West Finance and Synergy Finance decided to merge with 1:1 share swap ratio.

After the merger, the financial institutions will have a total paid-up capital of Rs 890.5 million, and will be operated from Kamaladi under the name of West Finance Company, according to Maheswor Pahadi, CEO of West Finance.