Tourism & Kalinchowk Dev. Bank signed MOU for acquisition

Tourism Development Bank Limited and Kalinchowk Development Bank Limited have entered an acquisition deal. Both the bank has signed a memorandum of understanding (MOU) today for the acquisition process. Chairman of Tourism Development Bank and Kalinchowk Development Bank, Prof. Dr. Puspa Raj Kandel and Mr. Balkrishna Siwakoti have signed the MOU. Trading of Kalinchowk Development Bank has been suspended from today in Nepal stock exchange following the acquisition process. Earlier, Tourism Development had signed MOU to acquire Matribhumi Development Bank and the process of acquisition is being carried out. The paid up capital of Tourism Development Bank stands at Rs  78.69 crore , whereas, paid up capital of Kalinchowk Development Bank is Rs 10 crore. Tourism Development Bank and Kalinchowk Development Bank last traded price stood at Rs 290 and Rs 229 respectively as on April 20, 2016 on NEPSE.