Jyoti Bikas Bank SGM endorsed acquisition of Raptibheri Bikas Bank at 1:1 swap ratio

Jyoti Bikas Bank Limited (JBBL) on Bhadra 5,2074 held Special General Meeting with agenda regarding acquisition of Banke based Rapti Bheri Bikas Bank which is operating from 3 districts: Banke , Bardiya and Dang. Mr. Hari Chandra Khadka, Chairman of board of Directors was the chief guest on the SGM while he also presented the report made by the Board of Directors. Mr Krishna Bahadur Kunwar, Chief Executive Officer of Jyoti Bikas Bank, responded the query raised by the shareholders on the given report. Hence, the report was passed from the SGM. The acquisition term and condition will be in accord to Due Diligence Audit (DDA) and Share Swap Ratio is at 1:1 presented by Due Diligence Auditor. The final go ahead was given from the SGM by the BOD for the acquisition of Rapti Bheri Bikas Bank. The Development Bank on its 10 years of establishment has been able to create an impeccable cooperate image through facilitating the banking services to it’s customer. After the acquisition of Rapti Bheri, the development bank will start to provide its banking services through 43 branches while its net profit for the FY 2073/74 was at Rs 26.18 crore and deposit and loan and advances was at Rs.10.59 arba and Rs 9.13 arba respectively.