Merger between Himalayan Bank and Nepal Investment Bank broken down

Kathmandu, January 14

The merger of Nepal Investment Bank and Himalayan Bank has broken down on Friday.

The annual general meeting of the Himalayan Bank on Friday rejected the special proposal regarding the merger.

Ashok Shamsher Rana, the chief executive officer, said that the bank’s major shareholders did not agree to the merger proposal. “We needed 75 per cent votes to pass the merger proposal, but a lot of people were against it,” said Rana.

The two banks signed an agreement on May 13, 2021, but Himalaya Bank’s major shareholders, Prachanda Bahadur Shrestha and the Employee Provident Fund, were against the merger.

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