Nepal Bangladesh Bank (NBB)
and Nepal Sri Lanka Merchant
Bank (NSLMB) on Monday
jointly applied to Nepal
Rastra Bank seeking approval
for their merger as the
central bank didn’t
recognise its previously
announced merger.
The central bank didn’t
entertain the previously
announced merger between the
two financial institutions
saying that they didn’t
follow the Bank and
Financial Institution Act (BAFIA)
that clearly states that the
merging companies should
take permission from the
central bank.
Although the merging
financial institutions
claimed that they took the
central bank’s permission
some four years ago, Nepal
Rastra Bank refused to
listen to their argument
saying that the permission
given four years ago was no
longer valid. The earlier
merger process turned
invalid after NSLMB’s 13th
annual general meeting held
on May 4, 2009 decided not
to go for a merger with NBB.
Read more about the Nepal
Bangladesh Bank / Nepal Sri
Lanka Merchant Bank merger
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