Janata Bank & Triveni Bikas Bank joint transaction to start from Chaitra 25 as Janata Bank

Nepal Rastra Bank had given the final approval for the merger of Janata Bank Nepal Limited (JNBL) and Triveni Bikas Bank Limited (TBBL) on Chaitra 6, 2073. The joint transaction of both companies will start from Chaitra 25, 2073. The merged entity will be named as “Janata Bank Nepal Limited” and will start the integrated business as a class “A” commercial bank. The merged entity will publish combined quarterly report from the upcoming quarter after their joint operation. After the merger, the registered office of the bank will be at Central Business Park, Thapathali, Kathmandu. The transaction of both banks will remain closed on Chaitra 24, 2073 for the process of system integration to start joint operation. Janata Bank and Triveni Bikas Bank had gone under merger with a share swap ratio of 1:1. Janata Bank has earned net profit of Rs 16.13 crore in the second quarter of the fiscal year 2073/74 as per unaudited report.  After the merger, the capital of the merged entity has reached Rs 4.72 arba, and will issue a further 60% right. After the issuance of right share, its paid up capital will reach Rs 7.55 arba. JBNL has also signed an agreement to acquire Siddhartha Development Bank Limited.