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NKB merges with National Bank

AT News

KABUL: Authorities at the ministry of finance said that New Kabul Bank (NKB) would be integrated with the National Bank of Afghanistan and the technical and legalization works have been underway.  

Shamroz Khan Masjidi, a spokesman for the ministry said that the merger of these two banks was one of the commitments of the government of trust building programs with the International Monetary Fund. The integration would be done by 2021, according to him.

He said after evaluation of systems, human resources and the new format of human resources of the bank which would come from the integration of these banks, the decision about the destiny of the employees would be made.

Kabul Bank, which is currently named NKB, was inaugurated in 2004 but after six years working, it engaged into crisis due to wide corruption that led to the detention of some of its officials. The Central Bank of Afghanistan took the management in 2010 and changed the name into New Kabul Bank.

The Bank has been struggling with bankruptcy due to heavy loans and the influence of top officials to hold accountable the individuals who were behind corruption that broke down the Bank. The financial officials called the reason for integration of these banks, the effective activities of government banks.

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