Kathmandu, May 16: NMB
Bank Limited and Om Development Bank Limited singed a merger agreement on
Thursday.
Directors of NMB and OM
Pradeep Raj Pandey and Yogendra Lal Pradhan respectively signed on the
agreement to merge the class ‘A’ commercial bank and class ‘B’ development
bank.
With the merger, the
reserve fund of the bank will reach Rs. 20.42 billion, deposit and loan
mobilisation will be Rs. 119 billion and Rs. 113 billion.
Likewise, the number of
branches will reach 163 and extension counters will be 5. Currently, NMB has
110 branches and 4 extension counter, and Om has 53 branches and 1 extension
counter.
The number of ATM will
be 120. “As the network of the bank will grow after the merger, customers of
the both banks will find it easy to do banking with us. It will help us in
offering quality banking and financial services,” said Chairman of NMB Pawan
Kumar Golyan.
He said that the two institutions
decided to go for the merger to strengthen the capital structure of the bank,
expand the services across the country, make the service deliver more effective
and increase the competitive capacity of the company.
The name of the newly
created institution will be NMB Bank Limited. NMB had received the ‘Bank of the
Year’ award for two consecutive years in 2017 and 2018. It has investment from
the FMO Netherlands and Employee Provident Fund.
FMO is an international
development bank which is promoted by the Dutch government and has received
triple A rating from the global rating agencies.
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