Siddhartha Dev., Ekata Bikas & Nepal Aawas Finance sign merger agreement; Joint Operation from Chaitra

Wed, Dec 23, 2015 4:52 PM on Latest, Featured, Stock Market,

Kathmandu based National Level Siddhartha Development Bank Limited (SDBL) and Butwal based Regional level Ekata Bikas Bank Limited (EKBL) have signed a memorandum of understanding (MoU) to enter into a merger process on September 07, 2015. Similarly, SDBL and Nepal Aawas Finance Ltd. (NABB) signed MoU for merger on September 23, 2015

Now, SDBL, EKBL, and NABB have signed the MoU for merger. Ram Bahadur Bhandari, BoD member of SDBL, Khim Nath Sharma, BoD member of EKBL, and Khem Raj Pant, BoD of NABB signed on the merger agreement.

The merged entity will be called Siddhartha Development Bank Ltd. The joint operation is scheduled to start from Chaitra 2072. The Chairman and the post of the CEO of the merged entity will be held by the current SDBL.

The merged entity will have paid up capital of Rs 1.14 arba, deposit of Rs 10.7 arba and loan & advance of Rs 8.55 arba, Capital Adequacy ratio will be at 12.84%, and Non Performing Loan (NPL) of 3.53%. The merged entity will have 29 branches.

Siddhartha Dev. and Nepal Aawas Sign MoU for merger

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