Nabil Bank acquires United Finance, swaps repo 35 percent

KATHMANDU: FRIDAY, APRIL 30, 2021 – Nabil Bank is set to acquire United Finance. A memorandum of understanding was signed between Nabil and United on Friday. Uday Krishna Upadhyaya, merger coordinator of Nabil Bank and Manish Khemka, merger coordinator of United have signed the agreement.

The swap rate was set at 35 percent, or 1: 0.35, when Nabil acquired United Finance. That is, 35 shares of Nabil Bank will be equal to 100 shares of United Finance.

The Chaudhary Group has investments in both Nabil Bank and United Finance. Similarly, both of them have foreign investment in banks.