Kamana Bikas Bank SGM approves of merger with Kaski Finance; Paid up capital to reach 67.37cr

Pokhara basaed Kamana Bikas Bank held Special General Meeting (SGM) at Hotel Pokhara Grand, Pardi Birauta, Pokhara on Falgun 28, 2072. Publishing a press release, Umesh Kumar Acharya, CEO of Kamana Bikas Bank said that the merger of Kamana Bikas Bank and Kaski Finance Limited has been approved in the BOD meeting. After the merger, Kamana Bikas Bank will be a national level development bank. Main agendas of the SGM were:

• To approve the merger of Kamana Bikas Bank and Kaski Finance Limited by endorsing Due Diligence Audit Report (DDAR) and Share Swap Ratio.
• To end the work tenure of the existing BOD members and approve of the work tenure of new BOD conducting AGM after the merger process.
• After the merger process, the new merged entity will be named as Kamana Bikas Bank Limited and the logo of the new entity will be of Kaski Finance Limited.
• To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• To increase issued and paid up capital of the development bank.

Other Agendas of the AGM included financial highlights of 2071/72 and appointment of auditor. After the merger process, Rajendranidhi Koirala, Chairman of Kamana Bikas Bank will hold same position, Toyaraj Adhikari of Kaski Finance limited will be Chief Executive Officer (CEO) and Umesh Kumar Acharya of Kamana Bikas Bank will be the Deputy CEO of the new entity. Kamana Bikas Bank earned net profit of Rs. 4.36 crore in its second quarter of the fiscal year 2072/73.After the merger process, the bank’s authorized and paid up capital will reach to Rs 1 arba and  Rs 67.37 crore respectively.