Trading of NMB, Pathibhara, Bhrikuti halts from today; merger MoU signed
Tue, Sep 30, 2014 12:00 AM on Others,
ShareSansar, September 30
Kabita Nayaju
With the MoU signing between the NMB Bank Ltd, Pathibhara Bikas Bank Ltd (PBSL) and Bhrikuti bikas Bank Ltd (BBBL) for the merger, the trading of these scrips at the secondary market will be halted from today.
According to Murahari Parajuli, deputy spokesperson of Nepse, the banks have already informed the stock exchange company regarding the merger process which will lead to the halt of the trading of the shares of these banks.
Earlier on yesterday, NMB, a finance company-turned-commercial bank, and two regional-level development banks—PBSL and BBBL—have signed the MoU for the merger.
NMB Bank´s board director Kamalesh Kumar Agrawal, PBSL’s board director Dinanath Dahal and BBBL´s board director Baburam Bhattarai jointly signed the MoU.
“International banks are likely to enter into the Nepali market. Thus we should be prepared to compete with them. The merger will consolidate our capital and other strengths” NMB Bank CEO Upendra Poudyal said.
NMB CEO Poudyal also said they plan to start the integrated operation of the merged entity as soon as possible.
“Once the DDA of the banks as well as other procedures are completed, the joint operation of the merged entity will begin,” he added.
The merging partners have agreed to named the merged entity as NMB Bank Ltd. Following the merger, the total paid-up capital of the bank will reach Rs 3.61 billion, while the total deposits and loan figures will stand at Rs 33.61 billion and Rs 25.57 billion, respectively.
The merged entity will have a total of 57 branch offices, five extension counters and 34 ATM counters.
With the MoU signing between the NMB Bank Ltd, Pathibhara Bikas Bank Ltd (PBSL) and Bhrikuti bikas Bank Ltd (BBBL) for the merger, the trading of these scrips at the secondary market will be halted from today.
According to Murahari Parajuli, deputy spokesperson of Nepse, the banks have already informed the stock exchange company regarding the merger process which will lead to the halt of the trading of the shares of these banks.
Earlier on yesterday, NMB, a finance company-turned-commercial bank, and two regional-level development banks—PBSL and BBBL—have signed the MoU for the merger.
NMB Bank´s board director Kamalesh Kumar Agrawal, PBSL’s board director Dinanath Dahal and BBBL´s board director Baburam Bhattarai jointly signed the MoU.
“International banks are likely to enter into the Nepali market. Thus we should be prepared to compete with them. The merger will consolidate our capital and other strengths” NMB Bank CEO Upendra Poudyal said.
NMB CEO Poudyal also said they plan to start the integrated operation of the merged entity as soon as possible.
“Once the DDA of the banks as well as other procedures are completed, the joint operation of the merged entity will begin,” he added.
The merging partners have agreed to named the merged entity as NMB Bank Ltd. Following the merger, the total paid-up capital of the bank will reach Rs 3.61 billion, while the total deposits and loan figures will stand at Rs 33.61 billion and Rs 25.57 billion, respectively.
The merged entity will have a total of 57 branch offices, five extension counters and 34 ATM counters.
