Deva Bikas Bank to acquire Sajha Bikas Bank; trading of SAJHA suspended in NEPSE
Fri, Apr 7, 2017 10:47 AM on Latest, Featured, Stock Market,
Deva Bikas Bank Limited (DBBL) has signed initial agreement to acquire Sajha Bikas Bank Limited (SAJHA). Assoc. Prof. Dr. Subarna Lal Bajracharya, chairman of DBBL and Mr. Fakir Singh Kadayat, chairman of SAJHA signed the agreement yesterday.
After the acquisition, the total deposit base of DBBL will reach Rs 11 arba and will have loans more than Rs 9.45 arba. DBBL had earlier signed another agreement to acquire Union Finance as well.
After the acquisition of both the BFIs, the total paid up capital of DBBL will reach around Rs 1.72 arba. As per NRB’s monetary policy for all national level development banks, DBBL will have to increase its paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74. The bank said that it was open to further merger and acquisitions with other BFIs.
Trading of SAJHA suspended
Following the acquisition process, trading of Sajha Bikas Bank Limited (SAJHA) has been suspended in NEPSE.
After the acquisition of both the BFIs, the total paid up capital of DBBL will reach around Rs 1.72 arba. As per NRB’s monetary policy for all national level development banks, DBBL will have to increase its paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74. The bank said that it was open to further merger and acquisitions with other BFIs.
Trading of SAJHA suspended
Following the acquisition process, trading of Sajha Bikas Bank Limited (SAJHA) has been suspended in NEPSE.
