NMB Bank and Om Development Bank to convene joint operations from Ashwin 1, 2076; 119 employees of Om take voluntary leave

After acquiring Om Development Bank (ODBL), NMB Bank (NMB) has planned to convene joint operations from Ashwin 1, 2076. However, the NRB has not provided the letter that will formally approve the merger decision.

The two banks agreed to go for merger on Jestha 2, 2076. The swap ratio was duly determined at 100:76 i.e. 100 shares of Om Development Bank will be converted to 76 shares of NMB Bank.

After the merger, the paid up capital and reserves of the institution will increase to Rs.20.42 Arba. The deposits and loan portfolio will be worth Rs.1.19 Kharba and 1.13 Kharba respectively.

NMB has made adjustments to the human resources of ODBL before the completion of merger. Among 420 employees of the development bank, 119 employees have taken voluntary leave. The CEO of ODBL Mr. Bishwa Raj Adhikari has also taken leave from the bank. Managers, Officers and office assistants have also opted for leave. The laid off employees will be provided with 12 to 16 months of salary separately.