Sanima Bank & Bagmati Dev. Bank joint operation starting from Poush 29 as Sanima Bank Limited

Nepal Rastra Bank had given the final approval for the acquisition of Bagmati Development Bank Limited by Sanima Bank Limited on Poush 1, 2073. The joint operation of both companies will start from Poush 29, 2073. The new entity will be named as Sanima Bank Limited, and will start the integrated business from Lalbandi and Hariban branches. The central bank had approved to merge the Ishworpur (Bayalbaas) and Barahathawa branch of Bagmati Dev. Bank into Lalbandi and Hariwan branch on Poush 12, 2073. After the acquisition, the head office of the commercial bank will be in Naxal, Kathmandu. The paid up capital of Sanima Bank stands at Rs 5.27 arba. The commercial bank had earned net profit of Rs.27.05 crore in the first quarter of the current fiscal year. Similarly, the paid up capital of Bagmati Development Limited stands at Rs 6.55 crore. It posted a net loss of Rs 1.60 crore in the Q1 of the fiscal year 2073/74.