Metro & Kailash Dev. Bank SGM to be held separately today; to endorse merger with each other

Metro Development Bank Limited (METRO) is convening its Special General Meeting (SGM) today (Falgun 21, 2072). The AGM is going to be held at Hotel Pokhara Grand, Birauta, Pokhara at 8:30 AM. The major agenda for the special general meeting are:

• To approve proposal from Board of Directors on merger process between Metro Development Bank Limited, Kailash Bikas Bank and Nepal Express Finance Limited.

• To undergo merger with Kailash Bikas Bank and Nepal Express Finance.
• After the merger with three BFIs the bank name will remain as Kailash Bikas Bank.
• To approve the merger with Kailash Bikas Bank and Nepal Express Finance by endorsing Due Diligence Audit Report (DDA) and Share Swap Ratio.
• To appoint auditor to do DDA for the merger process.
• After the merger process the investment of the metro development bank will be reduced as per law and all the asset and liabilities will be transferred to Kailash Bikas Bank and to amend article of association accordingly.
• Authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• Formation of new BOD members after the merger.
• To amend the article of association and memorandum of association as directed by Nepal Rastra Bank.

Metro Development Bank has earned net profit of Rs. 2.63 crore in the second quarter of the fiscal year 2072/73. Likewise, Kailash Bikas Bank Limited (KBBL) is convening its Special General Meeting (SGM) today. The AGM is going to be held at Hotel Pokhara Grand, Birauta, Pokhara at 9:30 AM. The major agenda for the special general meeting are:

• To increase authorized, issued and paid up capital.
• To approve company’s article of association and memorandum of association. Also authorize BOD to change and amend the association if any.
• To undergo merger with Metro Development Bank and Nepal Express Finance.
• After the merger with three BFIs the bank name will remain as Kailash Bikas Bank.
• To approve the merger with Metro Development Bank and Nepal Express Finance by endorsing Due Diligence Audit Report (DDA) and Share Swap Ratio.
• Formation of new BOD members after the merger.
• After the merger process with two BFIs, to elect 4 BOD members including chairman of Kailash Bikas Bank and to elect 1 each expert director from Nepal Express finance and Metro Development Bank.
• To amend the article of association and memorandum of association as directed by Nepal Rastra Bank.

Kailash Development Bank has earned net profit of Rs. 13.66 crore in the second quarter of the fiscal year 2072/73.