Nepal Investment Bank and Jebils Finance to start joint transaction

Jul 12, 2019 11:39 AM Merolagani

Nepal Investment Bank (NIB) and Jebils Finance (JEFL) are set to start a joint operation from July 15.

Nepal Rastra Bank (NRB), the central bank gave the final approval for the acquisition on June 27 while Company Registrar Office approved the acquisition on July 10.  

The new entity will operate under the name of ‘Nepal Investment Bank Limited’ and will be headquartered at Durbarmarg, Kathmandu.

Earlier, the special general meeting (SGM) of Nepal Investment Bank conducted on June 21 endorsed a proposal of acquiring Jebils Finance with a swap ratio of 100:33.

Currently, Nepal Investment has a paid-up capital of Rs 12.59 billion while Jebils Finance has paid-up capital of Rs 840 million. After the acquisition, the paid-up capital of Nepal Investment has reached Rs 12.87 billion.

The promoter and ordinary share ratio of Nepal Investment has remained unchanged at 69:31 after the acquisition. The management of the bank has also remained the same after the acquisition.

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