Gandaki & Fewa Bikas Bank joint transaction to start from Asadh 21 as Gandaki Bikas Bank; Mahalaxmi & Yeti Dev. Bank joint transaction from Asadh 18

Nepal Rastra Bank had given final approval for the merger of Fewa Bikas Bank Limited and Gandaki Bikas Bank Limited on Jestha 29, 2074. The joint transaction of both development banks will start Asadh 21, 2074. The merged entity will be named as Gandaki Bikas Bank Limited and will start the integrated business. The merged entity will publish combined quarterly report from the upcoming quarter after their joint operation. Gandaki and Fewa Bikas Bank had gone under merger with a share swap ratio of 1:1. The transaction of both banks will remain closed on Asadh 20, 2074 for the process of system integration to start joint operation. Everything related to banking services such as ATM services, Internet Banking, Mobile banking, etc. will be closed on Asadh 20, 2074. After the merger, the registrar office of the bank will be in Lekhnath-4, Pokhara. The paid up capital of Gandaki Bikas Bank stands at Rs64.39 crore. It had earned net profit of Rs 13.39 crore in the third quarter of the fiscal year 2073/74. The paid up capital of Fewa Bikas Bank stands at Rs 1.19 arba. The bank had earned net profit of Rs27.31 crore in the third  quarter of the fiscal year 2073/74. Likewise, Mahalaxmi Bikas Bank Limited and Yeti Development Bank Limited have received final merger approval from NRB to commence its joint transaction from  Asadh 18, 2074 in the name of Mahalaxmi Bikas Bank Limited. The share swap ratio for the merger of both banks was  fixed at 1:1. Mahalaxmi Bikas Bank has earned net profit of Rs 22.04 crore in the third quarter of the fiscal year 2073/74 as per unaudited report. Its paid up capital stand at Rs 1.15 arba. Similarly, Yeti Development Bank earned net profit of Rs 21.71 crore in the third quarter of the fiscal year 2073/74. |Its paid up capital stand at Rs 1.38 arba. Mahalaxmi Bikas Bank has proposed 8% bonus share from the profits it earned in FY 2072/73 and Yeti Development Bank’s 50% right share is in SEBON pipeline.