Narayani Finance, National Finance and Paschimanchal Finance were about to merge to form a development bank. They even signed Memorandum of Understanding four months back which has been broken now. The new merger policy of Nepal Rastra Bank has brought about the turmoil. According to the new policy of NRB, the upgrading companies must increase their capital first then only step towards advancement. All the merger procedures had to be carried out all over again, and also because of lack of internal understanding between these companies, Paschimanchal stepped backwards. However, Narayani Finance and National Finance are about to carry out all the merger process all over again without the participation of Paschimanchal Finance.
Source: Jamb News Service
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Tuesday, October 7, 2008
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