Kathmandu. Nabil and Nepal Bangladesh (NB) Bank have received a letter of intent from Nepal Rastra Bank to acquire each other. A meeting of the Board of Directors of NRB has given in-principle approval for the acquisition of Nabil Bank and Nepal Bangladesh Bank, said Bam Bahadur Mishra, Deputy Governor of NRB.

After receiving the letter of in-principle approval from the bank, both the banks have paved the way for due diligence audit of assets and liabilities for the acquisition process. After the DDA report, both the banks have to convene a special general meeting to pass the acquisition process.

Nabil Bank had agreed to acquire NB Bank on January 12. Nabil Bank will have a paid-up capital of around Rs 23 billion after the acquisition of NB, more than Rs 300 billion in deposits and a little less than Rs 300 billion in loans.

Nabil Bank had agreed to acquire NB Bank on January 12. Nabil Bank will have a paid-up capital of around Rs 23 billion after the acquisition of NB, more than Rs 300 billion in deposits and a little less than Rs 300 billion in loans.