Kathmandu: The history of the second successful merger has been created by Sanima General and General Insurance Company. The two companies have started integrated business from today. The two companies have commenced integrated service under the brand name Sanima GIC Insurance. NRN backed Sanima Group is the major promoter of Sanima General and Birgunj based Keyal Group is the major promoter of the General Insurance.
Earlier, Himalayan General and Everest Insurance Company had done the first successful merger. These two company are now serving together under the brand of Himalayan Everest Insurance Company.
The final agreement on merger between Sanima and GIC was reached on 11th Ashoj 2079. The Insurance Board had given green signal to these companies for integrated business on 14th Ashoj 2079. The company registrar’s office has also given approval on 27 Ashoj.
Now, Sanima GIC Insurance Limited will bear all the liabilities on behalf of Sanima General and GIC Insurance. The joint merger committee on 31 Ashoj 2079 had decided to kickoff the integrated business from 7 Kartik 2079 under the name of Sanima GIC Insurance Limited after the merger. Now, Sanima GIC has a paid-up capital of Rs. 2 billion. According to the regulatory requirement the company will need additional Rs. 50 crore for paid-up capital.