Vibor Bikas Bank and Bhajuratna Finance and Saving Company Limited have officially merged with each other. Nepal Rastra Bank (NRB) gave the letter of intent (LoI) for the merger in March 2012.

The two financial institutions have started joint operations from 2nd September 2012. According to the bank, the newly merged institution will be called “Vibor Bikas Bank Ltd.”

They had signed the memorandum of understanding for the merger in July 2011.

Ajaya Ghimire, chief executive officer of Vibor, said that the joint venture will have a paid-up capital of NRs. 1.36 billion after receiving the LOI from NRB back in March, 2012.