Jyoti Bikas Bank and Hamro Bikas Bank signs agreement for merger

Nuwakot based Hamro Bikas Bank and Kathmandu based Jyoti Bikas Bank has signed an agreement to go for merger. The Memorandum of Understanding (MoU) was signed by Mr. Dhurba Kumar Upreti, Chairman of Jyoti Bikas Bank and Mr. Hari Prashad, Chairman of Hamro Bikas Bank. The merged entity will have the name of Jyoti Bikas Bank and the central office of the bank will be at Kamaladi, Kathmandu. The trading of Jyoti Bikas Bank and Hamro Bikas Bank has already been halted in Nepal Stock Exchange Limited. At present Jyoti Bikas Bank has a paid up capital of Rs 92.34 crore and Hamro Bikas Bank has a paid up capital of Rs 12.14 crore which also includes the bonus share. After the merger, the merged entity will have a paid up capital of Rs 1.44 arba , deposit collection of Rs 7.42 arba and loan mobilization of Rs 5.82 arba. The banks have decided to completed all the merger process by the end of year 2072 and start the integrated business by Baishak 2073.