KATHMANDU: The special annual general meeting of Nabil Bank has approved the acquisition of the Nepal Bangladesh Bank (NBB).
Shareholders at the meeting endorsed the proposal to acquire NBB. Similarly, it has been agreed that the two banks, after merger and acquisition, will start joint transaction in the name of Nabil Bank. The meeting has also endorsed the proposal to set the swap ratio at 100 units shares of NBB equivalent to 43 units shares of Nabil Bank.
At present, Nabil Bank has paid up capital of Rs 18.50 billion and NBB has Rs 10.09 billion paid-up capital. Following acquisition of NBB by Nabil, the merged entity will have a combined capital base of Rs 23 billion based on the swap ratio.
However, it has not been disclosed as when these banks will start the joint transaction.