Kathmandu,
July 9: Lumbini Development Bank Limited, a ‘B’ class bank created with the
merger between Vibor Society Development Bank (VSDBL) and Lumbini Finance and
Leasing Company (LFLCL), started joint operation on Sunday.
Governor
of the Nepal Rastra Bank Dr. Chiranjibi Nepal inaugurated the joint operation
at a function organised here.
After
the merger, the paid up capital of the bank has reached Rs. 2.08 billion and it
has Rs. 363 million capital in its reserve pool.
“The
bank will soon issue right shares worth 10 per cent of the paid up capital in
order to manage the capital as set by the NRB,” said Jhalak Prasad Khanal,
chief executive officer of the bank.
Formerly,
he was serving as the CEO of the VSDBL.
The
bank now has Rs. 17 billion deposits and mobilised Rs. 15 billion loans.
It
will serve in 21 districts through 49 branches and 12 ATMs.
According
to the bank, the headquarters of the newly created company will be located in
Dillibazar, Kathmandu. Sushil Raj Parajuli has been appointed as the chairman
of the Board of Directors.
Khanal
said that the bank was committed to extend its services to the rural areas and
contribute to the increase access to finance.
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