Jyoti Bikas Bank signs MoU with Hamro Bikas Bank for the acquisition of later

Jyoti Bikas Bank has signed an agreement for acquiring Hamro Bikas Bank on Ashad 31, 2075.

Jyoti Bikas Bank is a national level development bank headquartered at Kathmandu and Hamro Bikas bank is a regional development bank currently operating from Nuwakot.

The Memorandum of Understanding (MoU) was signed by Chairman of Jyoti Bikas Bank, Mr. Hari Chandra Khadka and Chairman of Hamro Bikas Bank, Mr. Hari Prasad at central office of Jyoti Bikas Bank at Kamaladi, Kathmandu. The Swap Ratio for the acquisition will be determined after the Due Diligence Audit (DDA) of Hamro Bikas Bank.

The current paid-up capital of Jyoti Bikas Bank stands at Rs 2 arba 59 crore 36 lakh and of Hamro Bikas Bank stands at Rs 59 crore 22 lakh. So after the acquisition of Hamro Bikas Bank, the total Deposits of Jyoti Bikas Bank will reach Rs 20.50 arba, credit will reach Rs 17.50 arba along with a branch network of 67 branches across the country.

Prior to this Jyoti Bikas Bank has merged with Jimruk Bikas Bank and had acquired Rapti-Bheri Bikas Bank.