NMB Bank and Clean Energy Development Bank inked for their long-awaited deal of merger

NMB Bank and Clean Energy Development Bank inked for their long-awaited deal of merger

Dec. 3, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -11 November. 21- 2014 (Mansir 5, 2071)

 

NMB Bank and Clean Energy Development Bank  inked for their long-awaited deal of merger

They have held a series of negotiations for more than a year as Nepal Rastra Bank — the central regulatory authority — has encouraged financial institutions having crossholding to go into merger.

NMB, a class ‘A’ financial institution, and Clean Energy, a class ‘B’ financial institution, had started negotiations following the central bank’s directive.

After the merger, NMB Bank’s deposit will stand at Rs 42.44 billion against the loan amount of Rs 33.97 billion and core capital will be at Rs 5.48 billion.

Altogether 67 branches, seven extension counters and 38 ATMs will be operated following the merger and the merged entity will retain the name of NMB.

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