Final Agreement for Merger Between Kumari Bank and Nepal Credit & Commerce Completed; Integrated Transaction to Start from Poush 17

Final approval in relation to merger of Kumari Bank Limited (KBL) and Nepal Credit & Commerce Bank Limited (NCCB) has been completed. The company had signed merger deal at a swap ratio of 1:1.

In their respective extraordinary general meetings conducted on Mangsir 28, Kumari Bank Limited and Nepal Credit and Commerce Bank Limited, a "Class A" Licensed Bank, passed a special resolution proposing the merger of Kumari Bank Limited and Nepal Credit and Commerce Bank Limited.

In accordance with the letter from Nepal Rastra Bank and the Office of the Registrar of Companies, the merger has also gained final permission.

"Kumari Bank Limited" has been chosen as the new name, and integrated transactions will start taking place on Poush 17 (January 1st, 2023).

Additionally, it is known that upon the merger, the bank's registered (central) office will be situated where Kumari Bank Limited's registered (central) office currently stands.

Additionally, Kumari Bank and Nepal Credit and Commerce Bank will halt all banking services for Poush 15 and Poush 16 in order to migrate data in preparation for the start of the joint business of the two institutions on Poush 17.

Following the integrated transaction, Kumari Bank Limited's total paid-up capital will be Rs 26.22 Arba. The current paid-up capital of KBL is Rs 14.71 Arba, while NCCB's paid-up capital is currently Rs 11.51 Arba.

On the 910th meeting of the board of directors, (NCCB) proposed a 11% dividend for the fiscal year 2078/79. Whereas, (KBL) approved 12.50% cash dividend from its 22nd AGM held on Kartik 21, 2079.