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Siddhartha Bank and Business Universal Development Bank Start Joint Operations

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Siddhartha Bank and Business Universal Development Bank Start Joint Operations
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June 22: Siddhartha Bank Limited (SBL) and Business Universal Development Bank (BUDBL) have started joint operation after the merger amidst a formal ceremony on June 21. The joint operation was inaugurated by Governor of Nepal Rastra Bank, Dr Chiranjibi Nepal. “The bank aims to serve the diverse banking and financial needs of its customers as a bigger and stronger commercial bank in the days ahead,” informs the bank in a press statement.

“Following the merger the bank’s paid up capital has reached a total of Rs 3.02 billion,” reads the statement. “As of June 20, 2016, the bank has been able to create a combined deposit portfolio of Rs 62.10 billion, credit portfolio of Rs 53.64 billion, a profit before bonus and tax of Rs 1.90 billion and a net profit of Rs 1.16 billion,” informs the statement.

After the merger, the bank will provide banking products and services through 69 branches, 81 ATMs and 65 branchless banking locations. 

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