First Business News Portal in English from Nepal
KATHMANDU: With the rise in unhealthy competition among cooperatives due to numerical growth, the cooperatives have started opting for spontaneous integration (merger). Although the Department of Cooperatives had introduced the merger procedure in 2070, the cooperatives were skeptical about merger until now. However, the cooperatives have realized the need of merger in recent times. The wave of merger of cooperatives has started after it became difficult for them to survive in the competitive market.
Recently, five cooperatives of Kathmandu have entered into an agreement to merge with each other. Idol Yamuna Multipurpose Cooperative, National Namobuddha Savings and Loan Cooperative, Citizen Welfare Multipurpose Cooperative, Satkar Savings and Loan Cooperative and Ghedung Multipurpose Cooperative Limited have entered into an agreement to merge on Saturday.
After the merger, the annual transaction of the organization will exceed Rs 9 billion and the savings will exceed Rs 5.637 billion. The loan investment of the organization will reach Rs 4. 99 billion. It was informed that the valuation of the total assets of the organization will reach Rs 7.58 billion.
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