Habib Bank Limited, through its subsidiary i.e. Himalayan Bank Limited, recently acquired Civil Bank Limited, a commercial bank in Nepal.

Himalayan Bank Limited Nepal (HBLN), which was previously recognized as a Joint Venture, has acquired Civil Bank Limited by issuing new shares as consideration. As a result, the shareholding of the Bank in HBLN has been diluted from 20.00 percent to 12.93 percent. Accordingly, HBLN is now classified as an “Available for Sale” investment, the bank’s quarterly report said.

After the acquisition deal, the bank has been renamed Himalayan Bank Limited and is serving its customers from a total of 189 branch offices, 20 extension counters, and more than 263 ATM booths spread all over Nepal.

Himalayan Bank Limited was established by Habib Bank Limited as a joint venture in 1993. HBL is considered one of the biggest inward remittance-handling banks in Nepal. With its exclusive and proprietary online money transfer software – HimalRemitTM, HBL is among the top remittance service providers in Nepal having ties with financial institutions based in the Middle East, Gulf region, UK, Australia, USA, Japan, Israel, South Korea, Malaysia, Singapore, Portugal, Spain and Hongkong.

Source: Pro Pakistani