Civil Bank –– the 30th commercial bank of the country –– has appointed Citizen Investment Trust (CIT), Nabil Investment, NCM Merchant Bank and ACE Capital as the issue and sale managers for its initial public offering (IPO) of 8 million units of ordinary shares worth Rs 800 million. In the agreement signing programme, CEO of Civil Bank Kishore Maharjan said that the IPO will benefit the public.
The bank's deposit reached Rs 8.8 billion in fiscal year 2011-12, and its lending and investment portfolio stood at Rs 7.2 billion, it said in a press note. Civil Bank is planning to open nine branches during fiscal year 2012-13, to add to its existing 13 branches. During the programme the bank’s chairman Ichchha Raj Tamang said that the addition made to the capital from the IPO will allow the bank to explore new avenues for business growth and become more competitive.
source: The Himalayan Times,10 August 2012
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