Kathmandu March 15- Mahalaxmi Finance, Siddhartha Finance and Malika Development Bank signed Memorandum of Understanding to merge with each other. In the MoU, Conveyor of Merger Committee of Mahalaxmi Bank Sanjay Giri, Conveyor of Malika Development of Rajesh Rauniyar and Chairman of Siddhartha Finance Ramesh Kumar Agrawal signed on behalf of their respective companies.
After merger of these three companies, compiled organization will function as national level development bank that will be named Mahalaxmi Development Bank. After merger, Bank’s capital will reach Rs. 1 billion 150 million. Similarly, deposit of the bank will reach Rs. 10 billion 710 million and loan advance will amounted to Rs. 8 billion 680 million.
Likewise, bank’s network will extended to 40.