Arun Finance, Progressive Finance and Lalitpur Finance on August 30 filed an application at Nepal Rastra Bank (NRB), seeking a Letter of Intent for merger from the banking sector regulator. 

 

Of these institutions, Progressive Finance and Lalitpur Finance had already sought permission for merger from the regulator. Now Arun Finance Limited too has decided to join them. Once the three financial institutions are consolidated, the new unit will have a paid-up capital of Rs 457.94 million. 

 

As per NRB´s regulation, national level finance companies should have a minimum paid-up capital of Rs 200 million within mid-July, while that conducting lease finance as well should have a paid-up capital of at least Rs 300 million within that period.