Saptakoshi and Kabeli Bikas banks to start joint transaction as Saptakoshi development bank from Ashad 22, 2076; Final nod from NRB received

Saptakoshi Development Bank Limited (SKDBL) and Kabeli Bikas Bank Limited (KEBL) have received final merger approval from Nepal Rastra Bank (NRB) to commence its joint transaction in the name of Saptakoshi Development Bank Limited. The joint entity will formally start its operation from Ashad 22, 2076.

SKDBL and KEBL had called upon a special general meeting (SGM) on Chaitra 27, 2075 to present, discuss and approve various aspects of the Merger between them.

Saptakoshi Development Bank and Kabeli Bikas Bank have signed a merger agreement with an aim to upgrade itself as a provincial level development bank as recently envisioned by NRB. Following the successful merger, the joint entity will have the highest paid up value Rs 81 crore among the province level development bank currently functioning in province 1. The new entity will have 28 branches in 7 districts of the province. As per the figure available from the previous quarter, the new entity will have deposit portfolio of Rs 2.42 arba and credit figure of Rs 2.26 arba.

The newly formed bank will be led by Saptakoshi development Bank with its CEO as the CEO of the new institution. It will be named as Saptakoshi Development Bank with its head office in Dankuta.