KABUL (SW) – The Ministry of Finance officials have confirmed the New Kabul Bank is set to be merged with the Bank Mili Afghanistan.
According to officials, preliminary work has been done to merge the two banks, and work is underway on its technical and legal aspects.
Shamrooz Khan Masjidi, spokesman for the Ministry of Finance, said in an interview with Salam Watandar that the merger of NKB with the BMA is one of the commitments of the Afghan government with the International Monetary Fund.
Responding to the question about what will happen to NKB after the merger, he did not elaborate, but said that after reviewing the systems, human resources and other frameworks, the newly established entity would decide the fate of its employees.
The NKB was established in 2004, but after 6 years of operations, it got into a crisis and the central bank, Da Afghanistan Bank, took over its management in 2010 and changed its name from "Kabul Bank" to "New Kabul Bank".
Now, Nine years later, the new management of NKB has decided to merge the bank with the NBA. The Ministry of Finance officials attribute this to the efficiency of state-owned banks.
Salam Watandar also wanted to have the views of the NKB NBA officials, but they refused to talk about it.
ENDS
