Saptakoshi Development Bank and Kabeli Bikas Bank summoning Special General Meeting on Chaitra 27, 2075; SGM to focus on the final details of merger

Kabeli Bikas Bank has called upon a Special General Meeting on Chaitra 27, 2075 at 11:00 AM. The SGM will be held at Hotel Chip and West Conference Hall, Dhankuta.

The major agenda of the SGM is to present, discuss and approve various aspects of the Merger with Saptakoshi Development Bank. It includes all the documentations, share swap ratio, appointement of the director who will be representing Kabeli Bikas Bank on the board and all the other legal requirements.

The SGM announcement details can be seen here.

Similarly, Saptakoshi Development Bank has also called a Special General Meeting on Chaitra 27, 2075 at 11 AM. The SGM will be held at Udjyog Sangathan Morang, Biratnagar.

The agenda of Saptakoshi's SGM is also similar to Kabeli Bikas Bank's. The announcement details is here.

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.