Tinua and Mission Development banks to start joint transaction as Tinau Mission Development bank from Ashad 31, 2076; Final nod from NRB received

Thu, Jul 4, 2019 7:07 AM on Latest, Stock Market,

Tinau Development Bank Limited (TNBL) and Mission Development Bank Limited (MDBL) have received final merger approval from Nepal Rastra Bank (NRB) to commence its joint transaction in the name of Tinau Mission Development Bank Limited. The joint entity will formally start its operation from Ashad 31, 2076.

Both the companies had called upon a special general meeting (SGM) on Jestha 17, 2076 to present, discuss and approve various aspects of the merger between them and unanimously endorsed the earlier decision to merge both companies in the share swap ratio of 1:1.

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.

Likewise another Butwal based Nepal Community Development Bank is also in merge process with the two entities to form a single entity.