Om & Manaslu Bikas Bank signed MOU for merger; paid up capital to reach Rs 1.68 arba

Om Development Bank Limited (ODBL) and Manaslu Bikas Bank Limited (MSBBL) have signed a Memorandum of Understanding (MOU) for merger process on Ashwin 21, 2073. The merged entity will be named as Om Development Bank Limited. Om Development & Manaslu Bikas Bank BOD member has decided to distribute 29.20 percent & 18.95 percent bonus share respectively to its shareholders. Om Development Bank head office is located at Pokhara whereas Manaslu Bikas Bank head office is located at Gorkha. After the merger the development bank head office will be at Pokhara. Om Development Bank has paid-up capital of Rs 1.05 arba. It has earned net profit of Rs 32.76 crore in the fourth quarter of the last fiscal year 2072/73 as per unaudited report. Similarly, Manaslu Bikas Bank has paid-up capital of Rs 18.35 crore. The bank has earned net profit of Rs 4.42 crore in the fourth quarter of the fiscal year 2072/73 as per unaudited report. After the merger, the paid up capital of the merged entity will reach to Rs 1.68 arba. Deposit collection will reach to Rs 13.98 arba and will extends loans of Rs 12.61 arba. The number of branches will increase to 36. Earlier, City Development Bank Limited and Om Finance underwent a merger to form Om Development Bank, a national level development bank.