Rastriya Banijya Bank and NIDC Development Bank start joint transaction after merger from today

Rastriya Banijya Bank and NIDC Development Bank has started joint transaction from today in the name of Rastriya Banijya Bank. Finance Minister, Dr. Yubraj Khatiwada, made an appereance at the program and highlighted on the issues in Banks and financial sectors. He also mentioned that after the merger of Rastriya Banjiya Bank and NIDC, the bank will be financially stronger and competitive.

The companies were given final approval for joint transaction by Nepal Rastra Bank on Chaitra 22 and by the Office of Company Registrar on Baisakh 3. After this all the assets and liabilities of NIDC Development has been taken over by Rastriya Banijya Bank.

After the merger the bank possess a network of 191 branches with a paid-up capital Rs. 9 arba 47 lakh, 95 thousand 700.

The special general meeting of NIDC Development Bank conducted on Magh 19 and SGM of  Rastriya Banijya Bank held on Magh 20 had passed the proposal for acquisition with the swap ratio of 1:1. The transaction of the shares of NIDC Development Bank was halted in the secondary market after he process for acquisition had started.