The merger process between Pokhara Finance Limited and Samriddhi Finance Company Limited has been successfully completed, with integrated operations set to begin today under the name ‘Pokhara Finance Limited’.
Pokhara Finance Limited and Samriddhi Finance Company Limited have successfully concluded their merger process. Following this merger, both institutions will operate as a single entity under the name ‘Pokhara Finance Limited’, starting from today.
Both companies announced that they had received all necessary approvals for the merger from Nepal Rastra Bank, the Office of Company Registrar, and Nepal Securities Board. As per the approval, all assets, liabilities, debts, and other financial obligations of Samriddhi Finance Company Limited will now be taken over by the acquiring institution, Pokhara Finance Limited.
After the merger, new institution will be located at Putalisadak, Kathmandu Metropolitan City-28, as its central office. This location was previously the central office of Samriddhi Finance Company Limited.
Meanwhile, the Nepal Stock Exchange (NEPSE) has announced that share trading of both institutions will be halted starting from today due to the merger process.
Earlier, Nepal Rastra Bank had lifted the prompt corrective action imposed on Pokhara Finance Limited. The central bank made this decision because the merged entity’s capital fund position was expect to improve according to regulatory standards after merging with Samriddhi Finance Company Limited.
According to Nepal Rastra Bank’s Financial Institutions Supervision Department, after supervisory adjustments to Pokhara Finance’s unaudited financial statement for Poush end 2080 and the first quarterly off-site supervision report for the fiscal year 2081/82, the institution’s capital adequacy ratio had fallen significantly below the prescribed minimum limit.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
