NMB Bank, Pathibhara Development Bank and Bhrikuti Development Bank on Monday signed a merger agreement. As per merger bylaws, they are required to complete their union within the next six months. The name of the merged entity will be NMB Bank.
Directors Kamalesh Kumar Agrawal from NMB, Dina Nath Dahal from Pathibhara and Baburam Bhattarai from Bhrikuti signed the agreement amid a function.
NMB Bank said in a press release that they had agreed to merge to strengthen the bank with a higher capital structure and expand services to more parts of the country.
NMB Bank maintains 29 branches and two extension counters, and this network will be augmented by Pathivara’s 12 branches and Bhrikuti’s 16 branches and three extension counters. There will be a total of 57 branches and five extension counters. Similarly, there will be 34 ATM counters after the merger.
With the amalgamation, the total capital including the reserve fund will increase to Rs 3.61 billion. Deposits will amount to Rs 33.61 billion and lending will amount to Rs 25.57 billon.
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