NIC, Bank of Asia sign merger deal

NIC Bank and Bank of Asia Nepal (BoAN) have recently inked a merger agreement.

The deal was signed by NIC chairman Jagadish Prasad Agrawal and BoAN chairman Trilok Chand Agrawal on Thursday, NIC Bank said in a statement

The merger is subject to approval by the banks’ the annual general meetings (AGMs) and regulatory authorities, according to the release.

The merged entity’s capital fund will be around Rs. 5 billion, paid-up around Rs. 3.31 billion. After the merger, the new bank will have 65 outlets across the country. Nepalnews.com