City Dev. Bank & Om Finance joint operation to start from Chaitra 22 as Om Dev. Bank

Nepal Rastra Bank has given the final approval for the merger of City Development Bank Limited (CDBL) and Om Finance Limited (OFL) on Chaitra 3, 2072. The joint operation of both financial institutions will start from Chaitra 22, 2072. The merged entity is named as Om Development Bank Limited, and will start the integrated business. The entity will be publishing combined quarterly report in the upcoming quarter after their joint operation starts. After the merger, the current registrar office of City Development Bank will be the registrar office of Om development bank limited of Pokhara. The branch offices of Damauli branch of both banks will be merged and the remaining branches of both financial institutions will remain as it is. The paid up capital of City Development Bank stands at Rs 55.82 crore , whereas, paid up capital of Om Finance  is at Rs 49.45 crore. City Develoment bank and Om finance had earned net profit of Rs6.39 crore and 5.13 crore respectively in the second quarter of the fiscal year 2072/73.