Jyoti Bikash Bank and Hamro Bikash Bank to start joint transaction from Chaitra 15; Swap ratio at 1:1

The Acquisition process of Jyoti Bikash Bank Limited (JBBL) with Hamro Bikash Bank Limited (HAMRO) has been completed and these two development banks got final approval from NRB to run together.

Yesterday on 27th Falgun, 2075 Jyoti Bikash Bank got the approval letter from Ministry of Commerce and Company Register Office to work together as a joint entity.

The name of the acquired entity will remain as Jyoti Bikas Bank Limited. The joint transaction will start from Chaitra, 15 2075 onwards. The central location after the acquisition will be at Kamaladi- 28, Kathmandu.

Earlier, Jyoti Bikas Bank had signed an agreement for acquiring Hamro Bikas Bank on Ashad 31, 2075. The swap ratio has been set at 1:1. i.e. one unit of HAMRO share equals one unit of JBBL share.

Jyoti Bikas Bank is a national level development bank headquartered at Kathmandu and Hamro Bikas bank was a regional development bank 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.