Kumari Bank SGM today; to endorse merger with NCC Bank & 4 Development banks

Kumari Bank Limited (KBL) is convening its Special General Meeting (SGM) today (Ashad 31, 2072). The SGM is going to be held at Amritbhog, Kalikasthan, Dillibazar, Kathnmandu at 11:00 AM. The main agenda of the SGM are:

• Authorized BOD to initiate merger process with Apex Development Bank Limited (APEX), International Development Bank Limited (INDBL) , Nepal Credit and Commerce Bank Limited (NCCB), Infrastructure Development Bank Limited (IDBL) , and Supreme Development Bank Limited (SUPREME).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of Kumari Bank, NCC bank and other development banks. The share swap ratio of Kumari and NCC Bank has been fixed at 1:1, Infrastructure Dev Bank:NCC Bank at 1:0.77, Apex Dev Bank : NCC Bank at 1:0.48, International Dev Bank : NCC Bank at 1:0.73
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex NCC, KBL, IDBL, INDBL and SUPREME.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex, NCCB, KBL, IDBL, INDBL and SUPREME.

The share transaction of the banks has been halted in Nepal Stock Exchange for the following the merger process. Kumari bank has earned net profit of Rs 35.49 crore in the third quarter of the fiscal year 2072/73.  If the current merger process goes as planned, the paid-up capital of the merged entity will reach Rs 8.21 arba.