Jyoti Bikas Bank to start joint transaction after acquisition of Raptibheri Bikas Bank from Kartik 8

Nepal Rastra Bank had given the final approval for the acquisition of Raptibheri Bikas Bank Limited (RBBBL) by Jyoti Bikas Bank Limited (JBBL) on Ashwin 24, 2074. The joint transaction will start from Kartik 8, 2074. JBBL acquire RBBBL in the share swap ratio of 1:1. JBBL and RBBBL has earned net profit of Rs 26.18 crore and Rs 1.47 crore in the fourth quarter of the fiscal year 2073/74. After the acquistion, the paid up capital will reach Rs 2.35 arba from existing Rs 2.20 arba. As per NRB’s directive for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, the development bank will need to issue a further capital hike of around Rs 15 crore (around 6%).