Prabhu Bank Ltd into operation from today.

Prabhu Bank Ltd –a bank renamed following the merger between Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd—is coming into operation from today.

Prabhu Bank Ltd to be launched on Monday

As the joint operation of the Prabhu Bank Ltd-- formed after the merger with Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd—is set to begin from Monday, the banks and financial institutions are working toward information technology (IT) and System Integration.

Kist Bank & Prabhu Bikas Bank very close to a merger

Kist Bank Nepal and Prabhu Bikas Bank are now very close to a merger. After taking over major shares of Kist, with the help of its former chairperson, the Prabhu Group is now planning to take over the management for a smooth merger.

As part of that plan, they have reshuffled the management of Kist. CEO of Sanima Bank Kumar Lamsal has been hired as the CEO of Kist while CEO of Prabhu Bikas Bank has joined Kist as his deputy.

NIC ASIA offers share loan scheme at 10.5% interest; up to 70% financing

NIC ASIA Bank has come up with an attractive share loan scheme targeting investors in the stock market at just 10.5 percent interest rate.

“We provide loan against shares of listed companies up to 70 percent against shares on the basis of 180 days of weighted average price or the prevailing price, whichever is lower,” Bhumika Thapa of NIC ASIA . “It only takes three to five days to process the loan.”

Kist & Prabhu Bikas Bank seeking merger

Kist Bank Nepal and Prabhu Bikas Bank are seeking merger, according to a reliable source, though the bank officials say that the talks were held only at the informal level.

Senior officials from both the banks have also confirmed that Prabhu is buying both promoter as well as ordinary shares of Kist in an apparent bid to facilitate the merger.

“Kist Bank and Prabhu Bikash Bank are working on a merger,” the source privy of the development told ShareSansar today. “It might, however, take some time before they sign the deal.”

Prabhu Bikas to be commercial bank; planning merger with Grand Bank, Nepal Housing & Merchant, Kathmandu Finance and NDEP

Prabhu Bikas Bank is making preparations to upgrade it into a commercial bank.
Only three months back it had transformed into a National level development bank, merging a few Banking and Financial Institutions.

Three more mergers to happen this fiscal year.

Three more merged financial institutions will start operations before the end of the current fiscal year. Nepal Rastra Bank has given the final go-ahead to the three sets of mergers between nine financial institutions.

Social Development Bank and Gulmi Bikas Bank will be merging into Global IME Bank. Likewise, merger between Prabhu Finance, Samridhdhi Bikas Bank and Baibhav Bikas Bank will form Prabhu Development Bank. Royal Merchant Banking and Finance, Api Finance and Rara Bikas Bank will also form a national level development bank following their merger.

All these three merged financial institutions are planning to publish a single balance sheet for the current fiscal year.