The bank has called its board meeting on Monday to formalize the merger initiative.[break]
“After the board meeting, we will formally initiate merger procedures,” Bhai Kaji Shrestha, CEO of the bank, said.
Though the bank had earlier approached a few BFIs for merger, it had not materialized. It had initiated talks for merger with KIST Bank about six months ago. But KIST Bank has ended the talks and decided to merge with Everest Bank.
Surya Bahadur KC, chairman of the bank´s board of directors, said the bank will have total assets of Rs 34 billion once the merger process is completed.
The bank has authorized capital of Rs 2 billion and paid-up capital of Rs 1 billion. The non-performing loan of the bank is at 4.17 percent. "We plan to recover all non-performing loan in 6-7 months," Shrestha said.
Related story
Machhapuchhre Rural Municipality decides to charge tourism fee...
