Garima & Subhechha Bikas Bank signed MOU for merger; Paid up capital to reach Rs 1.08 arba

Garima Bikas Bank Limited (GBBL) and Subhechha Bikas Bank Limited (SUBBL) have signed a Memorandum of Understanding (MOU) for the merger process on Baisakh 8, 2073 (yesterday). The merged entity will be named as Garima Bikas Bank Limited. As per the press release, The authorized capital of  Garima Bikas  Bank stands at Rs  3 arba and its paid up capital remains at Rs 85 crore 32 lakh  whereas  authorized capital of Subhechha Bikas  Bank is at Rs 50 crore and its paid up capital stand at Rs 22 crore 73 lakh . After the merger, the paid up capital of development bank will stand at Rs 1 arba 8 crore. The bank head office will be at Kathmandu after the merger. The merger process is aimed to complete by the end of Ashad 2073. Earlier, Pokhara based Garima Bikas Bank and Beni based Nilgiri Bikas Bank underwent a merger to form a national level development bank. 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.  

Click Here To Read Garima Bikas Bank likely to undergo merger with Subechha Bikas Bank