NIC Asia Laghubitta Integrated Business Launched

KATHMANDU: The integrated business of NIC Asia Laghubitta Bittiya Sanstha Limited and Swadeshi Laghubitta Bittiya Sanstha Limited has started from Sunday. The first integrated business after the two merged was launched in a ceremony on Sunday, the company said.

NIC Asia Laghubitta Bittiya Sanstha Limited, which has a registered office in Jajarkot and a corporate office in Banepa, Kavrepalanchok district, and Swadeshi Laghubitta Bittiya Sanstha Limited, a registered office in Itahari, Sunsari, have started merging.

A memorandum of understanding (MoU) on merger was signed between the two institutions on Shrawan 32 and an agreement in principle was received from Nepal Rastra Bank on Kartik 11. On Poush 10 the final agreement on the merger was passed by the separate annual general meeting of the two organizations on Magh 4.

Integrated business has been started under the name of NIC Asia Laghubitta Bittiya Sanstha Limited. Kapil Dhakal, Chairman of NIC Asia Laghubitta Bittiya Sanstha Limited and Lalmani Joshi, Chairman of Swadeshi Laghubitta Bittiya Sanstha Limited jointly launched the integrated business.

NIC Asia Laghubitta Bittiya Sanstha Limited has a total of 150 branches in Karnali and other remote hilly and mountainous districts of the country. Swadeshi Laghubitta Bittiya Sanstha Limited has 85 branches in Nepal. After the merger, the total number of branches reached more than 135,000 members from 223 branch offices.

The capital of the institution has reached Rs 1.73 billion 94.4 million and the loan investment has reached over Rs 15 billion.