Tinau Bikas Bank and Mission Development Bank convene separate SGM; unanimously endorse merger decision creating synergy with Rs 1.14 arba in paid up value and 38 branches

Sun, Jun 2, 2019 5:30 AM on AGM/Special AGM, Latest,

Tinau Bikas Bank has convened its Special General Meeting on Jestha 17, 2076 at Butwal which has unanimously endorsed the earlier decision to merge the development bank with Mission Development Bank in the share swap ratio of 1:1.

Similarly, the SGM of Mission Development Bank held on the same day has also endorsed the merger decision unanimously with the same share swap ratio.

After the merger, the newly formed entity Tinau Mission Development Bank will be chaired by Mr. Tika Ram Ghimire, Mr. Pradip Kumar Shrestha will serve as its CEO, and Mr. Hari Prasad Ghimire will serve as Deputy CEO, as per the media statement.

After the merger, the new institution will have Rs 1.14 arba as paid up capital, Rs 10.22 arba as deposit figure, Rs 8.95 arba as credit figure, and will have 38 branches.