Muktinath Bikas and Civic Development Bank joint operation from Ashad 30

ShareSansar, July 13:

Nepal Rastra Bank (NRB) has given the final approval to Muktinath Bikas Bank Limited (MNBBL) on Ashad 24 to acquire Civic Development Bank Limited (CIVIC). Both the banks will commence its joint operation from Ashad 30.

The BOD meeting held on Ashad 6 of Muktinath Bikas bank had made a proposal about acquiring of Civic Development Bank also 1:0.82 share swap ratio was approved for the acquisition.

The paid up capital of Muktinath Bikas Bank stands at Rs 59 crore and 90 lakhs, whereas, paid up capital of Civic Development Bank is Rs 5 crore.

MNBBL had a net profit of Rs 16.04 crore and CIVIC had a net profit Rs 81.08 Lakhs in the third quarter of current fiscal year.