First Business News Portal in English from Nepal
KATHMANDU: The integrated transaction/business between Nabil Bank and Nepal Bangladesh Bank (NBB) is scheduled to start from July 11 under the name ‘Nabil Bank Limited’.
Nabil Bank Limited has acquired Nepal Bangladesh Bank Limited. Nabil Bank has acquired all the assets and liabilities of Nepal Bangladesh Bank. Therefore, all the financial transactions being conducted by both the former institutions will now start in the name of Nabil Bank in an integrated manner from July 11, according to the Banks and Financial Institution Regulation Department of Nepal Rastra Bank (NRB).
Shareholders of both banks have 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.
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