Kamana Sewa Bikas Bank to Acquire Akash Capital as Subsidiary

Kathmandu. Kamana Sewa Bikas Bank Limited is set to operate Akash Capital Limited as its subsidiary by acquiring its founder shares to provide merchant banking services.

The bank announced that it has received approval from Nepal Rastra Bank to operate the company as a subsidiary. Previously, an agreement for the purchase and sale of founder shares had already been signed between the bank and Akash Capital Limited.

Following the approval from Nepal Rastra Bank, the bank stated that it will proceed with the necessary permissions and registration processes from the Securities Board of Nepal (SEBON) in accordance with prevailing securities laws and regulatory provisions to commence merchant banking services. 

The bank further noted that once the company, currently known as Akash Capital Ltd., becomes a subsidiary of Kamana Sewa Bikas Bank Ltd., it will operate under the name 'Kamana Sewa Capital Limited'.