Himal Press 
KATHMANDU: Himalayan Bank Ltd has completed the acquisition of Civil Bank Ltd.
The central bank has given its final approval for the acquisition.
The two Class ‘A’ banks are beginning joint operation from February 24 as Himalayan Bank Ltd.
The two banks have agreed to a share swap ratio of 100:80.28. This means investors holding 100 units of shares in Civil Bank Ltd will get 80.28 units in Himalayan Bank Ltd.
As per the understanding reached between the two banks, Himalayan Chairman Prachanda Man Shrestha and CEO Ashoke Rana will continue as the Chairman and CEO of the merged entity, respectively, while Civil’s Sunil Kumar Pokharel will be Deputy CEO.
This is the fourth amalgamation of commercial banks in the current fiscal year. Kumari Bank Ltd and NCC Bank Ltd merged to form Kumari Bank Ltd, while Global IME Bank Ltd and Bank of Kathmandu Ltd merged to become Global IME Bank Ltd. Similarly, Prabhu Bank acquired Century Commerical Bank, while Mega Bank Ltd merger with Nepal Investment Bank Ltd to become Nepal Investment Mega Bank Ltd.
