Saptakoshi Development Bank and Kabeli Bikas Bank agree to form the biggest provincial Bank in Province 1; merged entity to be called Saptakoshi Development Bank

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. The six member merger finalization committee for the same has been formed under the leadership of Saptakoshi’s BoD Mr. Balram Baral which also consists of Mr. Yagya Prashad Sharma and Dr. Arjun Baral from Saptakoshi Development bank while other BoDs Mr. Janardan Ghimire, Mr. Ganesh Prashad Baral and Mr. HemRaj Subedi from Kabeli Bikas Bank.

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.