Special General Meeting of Kumari Bank cancel its merger with NCC Bank & other 4 institutions

The special General Meeting (SGM) of Kumari Bank Limited (KBL)held today has cancelled its merger with NCC Bank Limited. KBL was to merge with five financial institutions which were NCC Bank Limited (NCCB), Infrastructure Development Bank Ltd (IDBL), International Development Bank Ltd (INDBL), Apex Development Bank Ltd (APEX)and Supreme Development Bank Ltd (SUPRME). Narendra Prashad Chhatkuli, Company Secretary of Kumari Bank said, " The merger between Kumari and other five financial institutions has been cancelled." Major stakeholders of the company were not satisfied with the share swap ratio for the merger and even if we did go for merger accepting the swap ratio than too it would be very difficult for the bank  to meet the operating expenses and also the bank wont be able to provide any return to the shareholders for some years, Chhatkuli added. Special General Meeting of Kumari Bank was held today at Amritbhog, Kalikasthan Kathmandu Dillibazar, Kathmandu at 11 am. DDA report had fixed the swap ratio of NCC:Kumari:Infrastructure Development:Supreme Development: International Development: Apex Development bank at100:100:77:77:73:48.