Triveni, Public, and Bright Development Banks set to merge; swap ratio 1.04:0.95:0.95

ShareSansar, March 29:

Triveni Bikas Bank, Public Development Bank and Bright Development Bank are in the final phase of merger process. The banks are waiting for the final approval from Nepal Rastra Bank, which might take one week.

"The swap ratio has been fixed at 1.04:0.95:0.95," according to Bright Development Bank's Acting CEO Chhabi Lal Humagain.

After the merger, the new entity will work as a national level development bank under the name Triveni Bikas Bank. The new bank will be headquartered in Chitwan. After the merger, the new bank will have a paid up capital of Rs 74 crore and provide services from a total of 32 branch offices.

Triveni earned a net profit of Rs 3 crore 64 lakhs in the 2nd quarter of the current fiscal. At present, the bank’s paid up capital is Rs 40 crore 74 lakhs. Triveni has 13 branch offices.

Likewise, Public Development Bank has a paid up capital of Rs 15 crore and it earned a net profit Rs 2 crore 41 lakhs in the second quarter of this fiscal. The Birgunj-based bank has 6 branches. Bright Development Bank’s paid up is at Rs 16 crore 80 lakhs and it earned a net profit of Rs 50 lakhs in the second quarter of the current fiscal year. The bank is based in Banepa and has three branches.