NMB Bank, Kanchan Development Bank merger get NRB’s approval

Nepal Rastra Bank has given final approval to NMB Bank to acquire Kanchan Development Bank.

A meeting of the Board of Directors of NRB on Thursday decided to give final approval to the acquisition. The acquisition has been approved in a swap ratio of 100:85.

After the acquisition of Kanchan Development Bank which has made a strong presence in the far western region, the paid-up capital of NMB Bank will reach Rs. 14.45 Arba and the size of its reserve fund will reach Rs. 7.5 Arba.

NMB Bank has expressed that the acquisition of Kanchan Development Bank has facilitated NMB Bank’s roadmap for balanced financial access in the nation’s provincial structure and has helped in providing sustainable financial services in rural and urban areas.