KATHMANDU, Jan 16: Laxmi Bank has completed acquisition of Professional Diyali Bikas Bank and commenced joint operations from Sunday.
Issuing a statement, the bank said that it now has five new locations to its branch network -- Paanchkhal and Bhakundebesi in Kavre, Chautara in Sindhupalchowk, Hakim Chowk, in Bharatpur, Chitwan, and Chipledhunga in Pokhara, Kaski.
The bank is planning to relocate the three overlapping branches -- Sindhuli, Manigram and Manthali -- to new locations in the immediate future, it said.
“The acquisition has strengthened Laxmi Bank’s balance sheet by Rs 240 million in the form of paid-up capital and shareholders’ reserves,” it added. Similarly, the bank acquired assets of Rs 2.2 billion and customer deposits of Rs 1.89 billion.