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Merger Proposal of Business Universal and Siddhartha Got Endorsed

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Merger Proposal of Business Universal and Siddhartha Got Endorsed
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April 25: Siddhartha Bank has conducted its Special General Meeting (SGM) on April 23 in Kathmandu. “The SGM has endorsed the proposal of Executive Committee to merge Business Universal Development Bank into Siddhartha Bank,” informs the bank in a press statement. On the occasion of SGM, the bank informed that the joint transactions of the merged entity will be started in the name of Siddhartha Bank after getting the final approval from Nepal Rastra Bank for the merger. According to the bank, the two banks have agreed on the swap ratio of 115 units per 100 share of Siddhartha Bank and 64 units per 100 share of Business Universal for the merger.

Siddhartha Bank has earned the operating profit of Rs 1.32 billion in the nine months of the current fiscal year. During the period, the bank has collected Rs 53.43 billion in deposit and provided loan of Rs 45.56 billion.  The merged entity will have Rs 3.49 billion in capital. “After the merger, bank will provide its services through 65 branches, 75 ATMs and branchless banking service in 65 places across the country,” reads the statement. The bank has planned to complete all the merger process by the end of Jestha.

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