Butwal based Tinau Development Bank and Mission Development Bank had agreed to merge the two entities. Within months of the agreement, Butwal based Nepal Community Development Bank has also agreed to merge with the two entities to form a single entity.
While the two development banks were in the process to merge and form single entity Tinau Mission Development Bank Limited, Nepal Community Development Bank has also signed the MoU to merge today at Hotel Tulip, Tilottama, Butwal.
The MoU has been signed by Chairman of Tinau Development Bank Mr. Rajendra Prasad, Chairman of Mission Development Bank Mr. Tikaram Ghimire and Chairman of Nepal Community Development Bank Mr. Pashupati Ghimire. The event took place in the presence of CEO of Tinau Development Bank Mr. Pradeep Kumar Shrestha, CEO of Mission Development Bank Mr. Hari Prasad Ghimire and CEO of Nepal Community Development Bank Mr. Rajan Khanal.
With aim of becoming a national level development bank, the merged entity will have a paid up capital of Rs.1.67 Arba with deposits of Rs.13.77 Arba and loans and advances worth Rs.12.23 Arba. The merged entity will be functioning through a network of 60 branches across the nation.