Kathmandu. Asian Life Insurance Company(ALICL) has established Asian Capital Limited as the first investment management company of Insurance Industry. Asian Life has renamed Wealth Management and Merchant Banking Company Limited(WMMB) to Asian Capital Limited after acquiring 51 percent of its ownership.
After the approval received from the Office of the Company Registrar on December 2021, the company has been renamed as Asian Capital. Now Asian Capital will be the owner of properties of the company and liable to the debt, tax and other liabilities.
Last July, an agreement was reached between Asian Life Insurance and WMMB to purchase equity ownership. After the agreement, ALIC has acquired 51 percent shares in WMMB. As capital has been providing investment management and deposit service ‘DP’, it aims to provide other merchant banking services in the future with the approval of the regulatory body.