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Nabil, Nepal Bangladesh Bank seals merger deal, to start joint transaction within June

KATHMANDU: Nabil Bank Limited and Nepal Bangladesh Bank Limited (NBB) have inked a preliminary agreement for the acquisition of NBB by Nabil Bank in a share swap ratio of 100:43.

A memorandum of understanding (MoU) of the acquisition was signed by director of Nabil Bank Udaya Krishna Upadhya and director of Nepal Bangladesh Bank Indra Bahadur Thapa.

The revamped institution will have core capital of Rs 43 billion, paid-up value of Rs 22.5 billion, loans of Rs 300 billion, deposits of Rs 314 billion, 235 branches, 1.6 million customers.

It has been agreed that the name of the bank after the merger will be Nabil Bank. Post the merger, Upendra Paudyal, the current chairman of Nabil Bank, and Anil Keshari Shah, chief executive officer of Nabil Bank, will be the chairman and the CEO of the bank, respectively.

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