NCC set to merge with four national level development bank; Merger to complete by Chaitra

Four national level development banks have signed Memorandum of Understanding (MoU) to merge with Nepal Credit and Commerce Bank (NCC). NCC is merging with International Development Bank, Infrastructure development bank, Apex Development Bank and Supreme Development Bank. These five banks have signed a Memorandum of Understanding (MoU) on Friday (today). The MoU were signed by the Chairman and BoD members of the respective banks. At present NCC Bank is under the control of Nepal Rastra Bank. As per Laxmi Prapanna Niraula, Managing director of the NRB, all the process related with the merger will be completed by the end of Chaitra, 2072. The merge process cannot be cancelled. After the merger, the merged entity will have a paid up capital of Rs 5.3 arba, deposits of Rs 47 arba and loan extension of Rs 38 arba. The merged entity will have 38 branches with 900 employees. The merged entity will have the name of Nepal Credit and Commerce Bank (NCC).