Garima Bikas Bank likely to undergo merger with Subechha Bikas Bank; to sign MoU after a week

Garima Bikas Bank Limited (GBBL) is now going to merge with  3 district level Subhechha Bikas Bank Limited (SUBBL). As per an official source, these two BFIs will sign a Memorandum of Understanding (MOU) for the merger within  next week. Pokhara based Garima Bikas Bank and Beni based Nilgiri Bikas Bank underwent a merger to form a national level development bank. The paid up capital of GBBL stands at Rs 85.32 crore whereas paid up capital of SUBBL stands at Rs. 15.69 crore. GBBL had earned a net profit of Rs. 9.79 crore in the second quarter of current fiscal year 2072/73 unaudited report. Likewise SUBBL had earned a net profit of Rs.1.05 crore in the second quarter of current fiscal year 2072/73 unaudited report.