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          Stock related news & regulations of Nepal Rastra Bank

          Kathmandu, October 16- Seven commercial banks have submitted the progress of their merger and acquisition (M&A) process to the Nepal Rastra Bank (NRB) so far.

          In line with the policy adopted by the central bank to encourage banks and financial institutions towards merger, Sanima Bank, Nabil Bank, Janata Bank, Laxmi Bank, Everest Bank, Prime Bank and NMB Bank have submitted the progress they have made towards merger with other banks, as per NRB Spokesperson Laxmi Prapanna Niraula.

          While a total of 22 banks had expressed their commitment to go for M&A process with NRB a few months ago, the central bank had sought progress details with these banks after they were found to be dilly-dallying in actuallygoing for merger.

          Though Global IME Bank has not submitted its progress details, it has already informed NRB that the bank has principally agreed to go for merger.

          “Majority of banks have informed NRB that they are searching for partners by forming technical committees. We expect that these banks will soon enter into the M&A process,” informed Niraula. As per him, progress details were sought from banks to know whether or not banks have started the M&A process in reality.

          Meanwhile, bankers have been urging the government to reduce income tax levied on banks by at least five percentage points for a period of five years for those banks who choose to merge with others.

          Through the budget for 2019-20 fiscal year, the government had encouraged banks and financial institutions (BFIs) to opt for merger and acquisition and announced a number of incentives for such banks through the Monetary Policy for ongoing fiscal year, including extension of the deadline for such banks to float required loans in agriculture, energy and tourism sectors till mid-July 2021.

          Through the Monetary Policy, NRB had stated that merged banks will not have to take its approval to expand their branches across the country. Similarly, the cooling period of six months for board of directors of merged banks and their chief executive officer and deputy CEOs will not be applied, as per the Monetary Policy.

          Source: The Himalayan Times

          Corporate News

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          HIDCL, Power China to build 762MW Tamor reservoir project

          Kathmandu, September 16- The Hydroelectricity Investment and Development Company Ltd (HIDCL) and state-owned Power China Corporation have jointly submitted a project development proposal at the Investment Board Nepal (IBN) to build the 762-megawatt Tamor reservoir project, which will cover Panchthar, Taplejung, Terhathum and Sankhuwasabha districts.

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          Security audit of BFIs compulsory

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          Age limit set for CEOs, directors at BFIs

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          Symbol % Change Last Price Turnover
          TPC 10.1449 532.0 1,200,368.0
          NBB 10.1227 359.0 78,348,179.0
          MKJC 10.0209 527.0 10,408,576.0
          NIBLPF 10.0000 11.0 251,978.0
          NTC 9.9914 1,277.0 164,339,250.0
          Symbol % Change Last Price Turnover
          VLBS -2.3669 1,650.0 11,812,950.0
          SBIBD86 -2.3415 1,001.0 90,350.0
          MLBBL -0.9975 1,985.0 2,583,021.0
          NLG -0.9524 936.0 6,741,837.0
          PBD85 -0.9288 960.0 72,000.0
          Symbol % Change Last Price Turnover
          MLBL 9.7333 823.0 372,688,498.0
          NHPC 8.9412 463.0 304,219,800.0
          API 2.7613 521.0 233,673,436.0
          LBBL 1.5152 670.0 182,483,005.0
          NTC 9.9914 1,277.0 164,339,250.0
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