Vibor Society Dev Bank & Lumbini Finance to start joint operation from Asadh 25; merged entity named as Lumbini Bikas Bank

Vibor Society Development Bank Limited and Lumbini Finance and Leasing Company Limited had received final approval for merger on Asadh 1, 2074. Both the companies are now going to start their joint operation after merger from Asadh 25, 2074. The merged entity will be named as “Lumbini Bikas Bank Limited” and will start operation as a class “B” national-level development bank. The registered office of the bank will be at Dillibazar, Ward No. 30, Kathmandu. The swap ratio for the merger was fixed at 100:80. Shareholders having 100 shares of Vibor Society Development Bank will be given 80 shares of Lumbini Bikas Bank while shareholders having 100 shares of Lumbini Finance will be given 100 shares of Lumbini Bikas Bank. After the merger, the paid up capital of the merged entity has reached Rs 2.26 arba. To meet up with NRB’s paid up capital requirement for national level development banks, the bank should increase its paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74.