Kathmandu: Nepal Life Insurance Company has reached an agreement to acquire National Merchant Banker Limited.
The agreement has been signed by Santosh Prasai,CEO of Nepal Life Insurance Company and Nabin Baskota, CEO of National Merchant Banker Limited.
After the agreement, National Merchant Banker Limited will become the second merchant bank in the insurance sector with 51 percent share ownership of Nepal Life Insurance.
National Merchant Banker 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.
After the entry of Nepal Life, the company’s issued and paid up capital increased to Rs. 300 million.
The program was attended by the chairpersons and members of the board of directors of both the companies. On the occasion, Deputy General Manager of Nepal Life ,Amit Keyal expressed happiness over the investment made by Nepal Life Insurance in Merchant Banker Company. Nabin Baskota, Chief Executive Officer of National Merchant Banker, thanked the management of Nepal Life and said that the company is currently providing investment management and deposit service ‘DP’. .
Addressing the program, Chief Executive Officer of Nepal Life Santosh Prasai said that Nepal Life has succeeded in remaining the best brand in the life insurance sector by winning the trust of all and added that now National Merchant Banker will also be established as a successful company in Nepal’s capital market.
The eighth annual general meeting of National Merchant Banker Limited held today passed a resolution to distribute 52 percent cash dividend to the shareholders as proposed by the board of directors and approved the agreement reached with Nepal Life on Friday.