Garima Bikas Bank and Sahara Bikas Bank sign MoU: Former to acquire the latter

Garima Bikas Bank Limited (GBBL) is going to acquire Sahara Bikas Bank Limited (SHBL).

A memorandum of understanding (MoU) was signed between Garima Bikas Bank, headquartered in Kathmandu, and Sahara Bikas Bank, headquartered in Siraha district, on Ashwin 16.

The agreement stipulates that the swap ratio will be determined after the evaluation of all the assets of the Sahara Bikas Bank. However, Sahara Bikas Bank has demanded a 1:1 swap ratio.

For the acquisition procedures, trading of the shares of Sahara Bikas Bank is halted from today, i.e. Ashwin 18, 2077. 

Garima Bikas Bank Limited has posted a net profit of Rs 539.3 million in the 4th quarter of the fiscal year 2076/77. Meanwhile, Sahara Bikas Bank Limited has posted a net profit of Rs 12.58 million for the same period.