NDEP and RDBL joint operation from Ashad 25; merged entity named as Deva Bikas Bank

ShareSansar July 9:

Nepal Rastra Bank has given the final approval on Ashad 17 for the merger of Rising Development Bank (RDBL) and NDEP Development Bank (NDEP). The merger entity will be named Deva Bikas Bank and will start the integrated business from Ashad 25.

The merged entity will be publishing combined quarterly report in the upcoming quarter after their joint operation starts.

The Annual General Meeting of Rising Development Bank and NDEP Development Bank held on Poush 26, 2071 had approved the merger and also 1:1 swap ratio was finalized by the AGM.  

The paid up capital of NDEP Development Bank stands at Rs 58 crore and 24 lakhs, whereas, paid up capital of Rising Development Bank is Rs 23 crore 55 lakh. After the merger the total paid up capital of a national level Deva Bikas Bank will be Rs 81crore and 80 lakhs.

NDEP had a net profit of Rs 14.68 crore and RDBL had a net profit Rs 1.09 crore in the third quarter of current fiscal year.

The last trading price of NDEP stood at Rs 176 whereas the last trading price of RDBL stood at Rs 280 as on July 13, 2014.