Kumari Bank refutes rumors about merger with IDBL

ShareSansar, July 24:

Kumari Bank Limited has refuted rumors about its merger with Infrastructure Development Bank Limited.

“We are also aware that rumors are doing round in the market about our merger with IDBL,” said a high-ranking official with Kumari Bank. “But we have not even held informal discussion between us for any merger deal. Some vested interest groups are spreading this rumor for some ulterior motives.”

The Kumari Bank official, however, added that they have been making internal preparations for the merger/ acquisition of other BFIs.

“But we have not arrived at any conclusion so far,” he added.

On the other hand, IDBL top official could not be contacted despite several attempts over the past few days.

An official with the share department of the development bank only said that they have also heard rumors about the merger with Kumari Bank, but do not know if it were true or not.