After the merger, Vibor Development Bank and Society Development Bank on Friday launched joint operation under the name of Vibor Society Development Bank.

Nepal Rastra Bank Governor Chiranjeevi Nepal inaugurated the merged entity. The apaid up capital of the new bank has reached Rs1.81 billion, which, however, is still short of the statutory requirement.

A national-level development bank has to raise its paid-up capital to Rs2.5 billion from the current Rs640 million as per the central bank’s directive.

However, the new bank claimed in a statement that it has become the largest development bank in terms of the paid-up capital.

Vibor Society’s total deposits stand at Rs14 billion and loans of Rs11 billion. It has 42 branches, one extension counter and 12 ATMs. The headquarters of the bank has been maintained in Dillibazaar, Kathmandu.