NIC Bank, BoAN to go for merger

Nepal Industrial and Commercial (NIC) Bank and Bank of Asia Nepal (BoAN) have agreed to merge with each other by mid-January 2013.

NIC and BoAN have signed a memorandum of understanding (MoU) on Thursday. This is a first time that any commercial banks have decided to go for merger system.

Both the institution have also already formed a seven-member merger committee, informed CEO of NIC Bank Sashin Joshi in a press conference in the capital.

After the merger, the institution will be one of the largest commercial banks with paid up capital of Rs 3.31 billion and reserves and surplus at above Rs 1.21 billion while deposits will add up to Rs 33.91 and loans and advances at Rs 27.80 billion, said Joshi. nepalnews.com