CARE Ratings to start credit rating agency in Nepal
The opening up of the agency is subject to regulatory approvals in India and Nepal.
Vishal Group is a public company engaged in financial services, while Emerging Nepal is a public company engaged in venture capital activities.
CARE Ratings will hold 51 percent of the equity, while Vishal Group will own 19 percent and Emerging Nepal 10 percent.
The balance 20 percent would be held by banks, insurance companies, financial institutions and corporate bodies in Nepal subject to a maximum of 9 percent per legal entity.
CARE’s foray in Nepal comes on top of its establishment of the rating agency CARE Ratings Africa in Mauritius in 2015 besides being a part of the global rating agency ARC Ratings. ■