Garima Bikas Bank SGM approved merger with Subhechha Bikas Bank; share swap ratio fixed at 1:1

Garima Bikas Bank Limited (GBBL) has successfully convened its Special General Meeting (SGM) yesterday (Ashad 30, 2073). The SGM has approved merger process with Subhechha Bikas Bank Limited. After the merger process, the new merged entity will be named as Garima Bikas Bank Limited. The head office of the development bank will be shifted from Mahendrapool, Pokhara to Lazimpat,Kathmandu . Gobinda Prasad Dhakal, CEO of Garima Bikas Bank said “the bank may have deposits of Rs 11.50 arba and loan and advances of Rs 10.50 arba after the merger.” The paid up capital of Garima Bikas Bank after merger will reach to Rs 1.08 arba. The share swap ratio of both banks has been fixed at 1:1. Garima Bikas Bank has paid up capital of Rs 85.32 crore whereas Subhechha bikas Bank has paid up capital of Rs 22.73 crore. The merged entity will have 37 branches including an extension counter.