Bishwa Bikas and Fewa Finance merged to form Fewa Bikas Bank; joint operation from Ashad 28
Thu, Jul 9, 2015 12:00 AM on Others,
ShareSansar July 9:
Bishwa Bikas Bank Limited (BSBL) and Fewa Finance Limited (FFCL) have received final merger approval from NRB on Ashad 17 to commence its joint operation.
The merged entity is named Fewa Bikas Bank Limited and the joint operation will start from 28th Ashad 2072.
The Special General Meeting of Bishwa Bikas Bank and Fewa Finance held on Jesthe 8, 2072 had approved the merger. The swap ratio was fixed at 1:1.
The total paid up capital of the new entity after the merger will be Rs 81 crore, 62 lakhs and 15 thousand, deposits Rs 9 arba and loans Rs 8 arba, respectively.
Bishwa Bikash Bank had net profit of Rs.8.65 crore and Fewa Finance had posted net profit of Rs.7.82 crore in the 3rd quarter of the fiscal year 2071/72.
The last trading price of BSBL stood at Rs 285 as on December 22 and FFCL stood at Rs 223 as on December 21.
After the merger, the current chairman and CEO of Bishwa Bikas Bank will take over the posts in the new entity and the head office of Bishwa Bikas Bank situated at Chipledhunga, Pokhara will be the head office of new entity.
