Vibor Bikas & Society Dev. to merge; Merger to complete by Ashad 2073, Paid up to reach Rs 1.81 arba
Thu, Dec 24, 2015 10:10 AM on Latest, Stock Market,
Vibor Bikas Bank Ltd. (VBBL) and Society Development Bank Ltd. (SODBL) have signed Memorandum of Understanding (MoU) to merg. MoU was signed yesterday, December, 23, 2015. Mohan Das Manandhar from VBBL and Sushil Raj Parajuli from SODBL signed in MoU. The merged entity will be named Vibor Society Development bank Ltd.
Jhalak Khanal, CEO of VBBL, said, " This MoU a result of discussions between two banks for about a year. This merger is a milestone in the banking industry which will benefit both the banks as well as the customers. We are determined to complete merger process and begin join operation in a timely fashion."
Both the banks have scheduled to complete merger process by the end of Ashad 2073. After merger the paid up capital of the merged entity will be Rs 1.81 arba.
