Kathmandu: Asian Life Insurance Company Limited(ALIC) is all set to operate an investment company. It has acquired 51 percent equity share of Wealth Management and Merchant Banking(WMMB). An agreement was reached on Monday to acquire majority share of WMMB. The agreement was signed by CEO Mr. Dinesh Lal Shrestha on behalf of ALIC and Chairman Mr. Sachin Silwal on behalf of WMMB.
After the agreement, Wealth Management and Merchant Banking Limited will be the first subsidiary of Asian Life Insurance Company with 51 percent share ownership. Wealth Management and Merchant Banking Limited will be the first subsidiary in the insurance sector.
After the change of ownership, the name of Wealth Management and Merchant Banking Limited will be changed to Asian Capital Limited. Wealth Management and Merchant Banking Limited is currently providing investment management and deposit service ‘DP’ and aims to provide other merchant banking services in the future with the approval of the regulatory body.
