NMB Bank and OM development bank to merger; Trading of NMB bank halted at NEPSE

NMB Bank and OM Development Bank formally signed an agreement yesterday for merger and acquisition.

As a result, NMB's trading has been suspended in Nepal Stock Exchange from today. Likewise, the trading of ODBL has been halted since it started its merger discussion with Prime Commercial Bank. As per the agreement signed, the name of the merged entity will be “NMB Bank Limited”, and will operate as a class A, commercial bank.

The swap ratio will be finalized after a Due Diligence Audit report has been compiled. After the merger, the joint paid-up capital and reserves & surplus will stand at Rs 20 arba 42 crore. Similarly, the deposits will stands at Rs 1 kharba 19 arba and the loans and advances will stands at Rs 1 kharba 13 arba.