Fewa & Gandaki Bikas Bank merge to form Gandaki Bikas Bank

Fewa Bikas Bank Limited and Gandaki Bikas Bank Limited are merging with each other. As per the press release published today, Bindu Kumar Thapa, Chairman of Fewa Bikas Bank and Padma Prasad Poudel, Chairman of Gandaki Bikas Bank Limited signed Memorandum of Understanding (MOU) on Bhadra 24, 2073. After the merger process, the company’s name and logo will be Gandaki Bikas Bank Limited. Jagan Bahadur Gurung, BoD of Fewa Bikas Bank will be the chairman and Resham Bahadur Thapa, CEO of Fewa Bikas Bank will be the CEO of the newly merged entity. At present, Gandaki Bikas Bank has paid up capital of Rs 53.85 crore. The bank has earned net profit of Rs 13.12 crore in fourth quarter of last fiscal year 2072/73. Likewise, Fewa Bikas Bank has a paid up capital of Rs 99.50 crore. The bank earned net profit of Rs 30 crore in fourth quarter of the last fiscal year 2072/73. After adding, the paid up capital of both development bank remains at Rs 1.53 arba, net profit at Rs 43 crore, deposits collection at Rs 17.27 arba and loan and advances at Rs 14.85 crore. After the merger process, the number of branches will reach to 50 and ATM counter will reach to 21. The total client base will reach to approx. 2 lakh. Trading of GDBL and FBBL has been suspended from September 11, 2016 in Nepal Stock Exchange Limited (NEPSE) following the merger process.