NRB provides LOI for merger of Mahalaxmi & Yeti Development Bank

Nepal Rastra Bank (NRB) has provided Letter of Intent (LOI) for merger between Mahalaxmi Bikas Bank Limited (MLBL) and Yeti Development Bank Limited (YETI) on Chaitra 20, 2073. After the merger, the name of the merged entity will be Mahalaxmi Bikas Bank Limited and will start joint operations as a class “B” development bank with a paid up capital of Rs 2.63 arba. The merged entity will have a deposit base of Rs 23.84 arba with disbursed loans of Rs 19.97 arba. Likewise, the number of branches will reach 65 with more than 3.45 lakh customers—making it the largest development bank in the country.