Nabil Bank passes proposal to acquire Nepal Bangladesh Bank

May Sat 2022 03:52:41

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Nabil Bank passes proposal to acquire Nepal Bangladesh Bank

Kathmandu. Nabil Bank's proposal to acquire Nepal Bangladesh Bank (NBB) has been passed by the special general meeting of NBB Bank held today. The meeting of the bank has also approved the share swap recommended by the appraiser PKF TR Upadhyay & Company for the purpose of acquisition.

The acquisition was based on business opportunities, business reputation, employee qualifications, capacity, efficiency and effectiveness, market presence, history of profit distribution in the ratio of shares recommended as per the valuation report of the organization's assets, liabilities and transactions.

It is proposed to give approval to acquire 43 shares of NBB Bank equal to 100 shares of Nabil Bank. At present, the paid up capital of Nabil Bank is around Rs 18.50 billion and that of NB Bank is around Rs 10.90 billion. Following the acquisition, the bank's paid-up capital will be around Rs 23 billion as per the currently agreed swap ratio.

In addition, after the commencement of integrated business with NB Bank, Nabil Bank will have 241 branch network and 292 ATMs. At present, the paid up capital of Nabil Bank is around Rs. 18.50 billion and that of NB Bank is around Rs. 10.09 billion.