Kailash development bank, Metro Development Bank and Nepal Express to merge, 20% right shares to issue after merger

Kathmandu March 4- Kailash development bank, Metro Development Bank and Nepal Express are going to merge with each other. National level development Bank, Kailash Bank bank has endorsed the decision to merge with regional based Metro development bank along with national level finance company Nepal Express Finance Company in a special AGM held today.

Following merger, paid up capital of the combined bank will reach Rs. 1 billion 580 million. The meeting has also endorsed  the decision to issue 20% right shares of paid up capital accumulated after merger and to increased authorized capital to Rs. 3 billion 100 million and issue capital Rs. 1 billion 890 million.

Similarly, special AGM under leadership of Chairman Rajendra Giri has decided to increase its paid up capital to Rs. 2 billion 500 million. As per the second quarter report, bank has deposit collection of Rs. 13 billion 220 million and lending of Rs. 11 billion 480 million. Prior merger, no. of branches will increase up to 38 and ATM counters to 17. Bank will be named as Kailash Development Bank after merger.