Kailash Bikas Bank, Metro Development Bank & Nepal Express Finance to merge; Trading halted & Joint operation from Baishak, 2073

Kailash Bikas Bank is going to merge with Metro Development Bank and Nepal Express Finance. These financial Institutions will be completing all the procedure of the merger by the end of Chaitra and aims to start integrated business by the end of Baishak, 2073. The Companies have signed the MoU (Memorandum of Understanding) for merger on Monday (yesterday). Kailash Bikash Bank (KBBL), a B class National Level Development Bank is going to merger with a B class Metro Development Bank (METRO) and C class Nepal Express Finance Limited (NEFL). The trading of Scrips of all the 3 companies has been halted in NEPSE from today. MoU was signed by Mr. Rajendra Giri (Chairman of Kailash Bikash Bank), Narayan Baral (Chairman of Metro Development Bank) and Mr. Giriraj Pathak (Chairman of Nepal Express Finance). Based on the financial report of Ashad of the fiscal year 2072/73, after the merger the merged entity will have a total capital of Rs 2.55 arba, deposit collection of Rs 12.30 arba and loan dispersion of Rs 10.77 arba and 38 branches.