Rastra Bank approves the merger of Kalika Laghubitta and Janasewi Laghubitta; Paid up capital to be at Rs 25.23 crore

Sun, Dec 22, 2019 11:56 AM on Latest, Stock Market,
Rastra Ban...

Nepal Rastra Bank (NRB) has provided the approval to the merger of Kalika Laghubitta Bittiya Sanstha (KMCDB) and Janasewi Laghubitta Bittiya Sanstha (JLBS). According to the direction of NRB, they can start joint operations within one month of final agreement.

KMCDB's central office is located in Syanja, Waling and JLBS's central office is at Parbat, Kusma. KMCDB has authorized capital of Rs 50 crore, issued capital of Rs 10.80 crore and paid-up capital of Rs 10.80 crore. Likewise, the authorized, issued and paid-up capital of JLBS is Rs 30 crore, Rs 14.43 crore, and Rs 14.43 crore respectively. The authorized capital and paid-up capital of thde merged entity will be Rs 50 crore and Rs 25.23 crore respectively.

The merged entity will be named Janakalika Laghubitta Sanstha and the swap ratio is at 1:1. The chairman's position will be held by Bikas Gauchan, current chairman of JLBS and the chair of CEO will be held by Min Bahadur Bohora, current CEO of KMCDB.

The entity will have a network of 96 branches.