NMB Bank and Om Development Bank to commence joint operation as NMB Bank from Ashwin 11, 2076;Paid-up capital and reserves to reach Rs 20.42 arba

Om Development Bank Limited (ODBL) and NMB Bank Limited (NMB) have received final merger approval from Nepal Rastra Bank (NRB) to commence its joint transaction in the name of NMB Bank Limited.

Publishing a notice today, the bank has informed that the joint transaction will begin from Ashwin 11, 2076. The head office of the joint entity, NMB Bank, will be at NMB Bhawan, Babarmahal, Kathmandu.

Anouncement

The two banks agreed to go for the merger on Jestha 2, 2076. The swap ratio was duly determined at 100:76 i.e. 100 shares of Om Development Bank will be converted to 76 shares of NMB Bank.

After the merger, the paid-up capital and reserves of the institution will increase to Rs.20.42 Arba. The deposits and loan portfolio will be worth Rs.1.19 Kharba and 1.13 Kharba respectively.

NMB has made adjustments to the human resources of ODBL before the completion of merger. Among 420 employees of the development bank, 119 employees have taken voluntary leave. The CEO of ODBL Mr. Bishwa Raj Adhikari has also taken leave from the bank. Managers, Officers and office assistants have also opted for leave. The laid off employees will be provided with 12 to 16 months of salary separately.