Garima and Nilgiri commenced integrated business in record breaking 68 days

ShareSansar, July 15:

Pokhara based Garima Bikas Bank and Myagdi based Nilgiri Bikas bank has commenced its joint operation from Tuesday (Ashad 29). Director of Nepal Rastra Bank Nilam Timalsina inaugurated the joint operation of both the banks in a program organized on Ashad 29.

The officials of both the companies has signed MoU for merger on 23rd Baisakh, 2072 and in 68 days’ time period i.e. from 29th Asad, 2072 have been able to commence their integrated business in the name of Garima Bikas Bank, upon the final approval of NRB. Generally companies take 6 months and more time to get over with the merger process. Garima Bikas and Nilgiri Bikas has set an excellent example of good governance towards the shareholders of their respective banks.

The swap ratio of the merged institutions were set 1 : 1.

The merged entity is named Garima Bikas Bank. After the merger the paid up capital remains at Rs 71 crore 10 lakh. The new merged entity will have 25 branches including one extension counter. The merged bank has a collection of Rs 6 arba 20 crore in deposits and loan and advances stands at Rs 5 arba 50 crore with the total of 1 lakh 10 thousand customers.

Likewise, the promoter shareholders number has reached 85.  The head office of new entity is at Mahendrapool, Pokhara said the CEO of bank Govinda Dhakal.

Dilip Pratap Khand, Chairman of Garima Bikas bank said the newly formed national level bank will provide satisfaction to its shareholders, customers, employees and other stakeholders.