BFIs start operation after separate merger

Machhapuchhre Bank Limited (MBL) and Standard Finance have started joint operation from Monday.

The merged entity has started the operation under the same name, Machhapuchhre Bank Limited, with the total paid-up capital of Rs. 2.47 billion and reserves of Rs. 240 million.

The main objectives of the merger was to develop the bank as one of the best and strong financial institutions in the country, said MBL chairman Surya Bahadur KC.

Now, the new entity is operating its services from its 54 branches and 63 ATMs across the country while MBL had 39 branches and 62 ATMs before merger.

Nepal Rastra Bank (NRB) has also been promoting and encouraging Banks and Financial Institutions (BFIs) to undergo merger in order to enhance their efficiency.

Similarly, Global Bank, IME Finance and Lord Buddha Finance also formally started joint operation under the name of the new entity Global IME Bank from today itself.

Now, the bank’s paid-up capital stands at Rs. 2.15 billion and deposits at Rs. 26 billion along with total 62 branches across the country. nepalnews.com