Muktinath Development Bank to acquire Civic Development Bank

ShareSansar, March 15:

Even as merger and acquisition deals increasingly become major agenda of most finance institutions, another take over deal has been signed recently.

Muktinath Bikas Bank and Civic Development Bank have entered an acquisition deal. Both banks have already signed the MoU in this regard and filed applications at the Nepal Rastra Bank about the agreement in principle for the acquisition.

Muktinath Bikas Bank, with its head office in Dhading, has a paid up capital of Rs 59 crore 90 lakh 25 thousand. Muktinath has been providing services to its customers from 40 branch offices. The bank has 450 employees.
 
On the other hand, Civic Development Bank has a paid up capital of Rs 5 crore. The bank has 50 employees and provides services through 8 branches.  

As per the bank officials the new entity would work across the country as a national level development bank under the name Muktinath Bikas Bank Limited.