Deva Bikas Bank and Western Development Bank to commence joint transaction: bank remain closed today

Deva Bikas Bank Limited (DBBL) and Western Development Bank Limited (WDBL) are going to start joint operation from Ashadh 30, 2076 after the final approval of acquisition of WDBL by DBBL.

Nepal Rastra Bank (NRB) has given final approval on Ashadh 25, 2076 and Office of Company Register has given final approval on Ashadh 27, 2076 for the acquisition. The new entity will be named as ‘Deva Bikas Bank Limited’ and will start the integrated business as ‘B’ class national level development bank. After the joint operation, the registered office will be at Ward no. 1, Kathmandu.

After the completion of acquisition with WDBL at 1:1 swap ratio, the paid-up capital of the development bank reaches to Rs 3.28 arba. DBBL had reported a net profit of Rs 20.23 crore in the third quarter of the current fiscal year while WDBL had reported net profit of Rs 6.19 crore in the same quarter.

Consequently, all the branches of DBBL and WDBL will remain closed today i.e. Ashadh 29, 2076 for the purpose of data migration.