NMB bank started its business today after the merger

Kathmandu October 18- Today NMB Bank Limited, Clean Energy Development Bank Ltd, Pathibhara Development Bank Ltd., Bhrikuti Development Bank Ltd. and Prudential Finance Ltd incorporated their transactions jointly after merger.

Prime Minister KP Sharma Oli announced about the successful merger of four companies with NMB bank in a ceremony held on October 17. Bank has started its business jointly on October 18.

After merger, bank will be operating in the name of NMB Bank and its central office will be located in Babarmahal, Kathmandu. After merger its paid-up capital will reach Rs. 6 billion 200 million. Similarly, its deposit will totaled Rs. 54 billion and loan amount will totaled Rs. 41 billion.

 After the merger, NMB bank stands up front among the private commercial banks with largest volume of paid up capital. Previously, Global IME bank and Nepal Investment bank were considered banks with highest paid up capital with Rs. 5 billion 900 million and Rs. 4 billlion 770 million paid up capital respectively.

NMB bank can obtain 8 billion paid up capital as per NRB directive within two years through issuance of bonus share after being strengthened with the merger of the four companies.

Share transactions of the bank are expected to hit the floor after Dashain following the formal information of merger is handed over by NRB to Nepal Stock Exchange.