Sunrise Bank on Friday formally completed the acquisition of NIDC Capital Markets. Nepal Rastra Bank (NRB) Governor Chiranjeevi Nepal inaugurated the joint operation amid a function.

On the occasion, Nepal said the acquisition has further strengthened the bank and will enable it to provide merchant banking services to customers and shareholders.

Sunrise Chairman Moti Lal Dugar expressed happiness over the successful acquisition of NIDC Capital Markets, which had five state-owned financial institutions like Employees Provident Fund and Insurance Board as its founding shareholders.

With the acquisition, the paid-up capital of the bank has reached Rs5.45 billion, while the number of branches has reached 68, according to a bank statement.

The bank plans to issue 30 percent rights shares, after which its paid-up capital will reach Rs7.9 billion. And, issuance of bonus shares from the profit of the fiscal year 2016-17 will further boost its capital to Rs8 billion, said Dugar.