Trading of Saptakoshi Development Bank reopens after successful conclusion of merger; Open range set at Rs 143

Saptakoshi Development Bank Limited ( SAPDBL)'s trading had been halted in Nepal Stock Exchange (NEPSE) after it had inked the merger deal with Kabeli Bikas Bank.

Since the merger has successfully concluded, the trading of SAPDBL has opened. The open range is set as Rs. 143 for the first transaction.

Saptakoshi Development Bank and Kabeli Bikas Bank have signed a merger agreement with an aim to upgrade itself as a provincial-level development bank as recently envisioned by NRB. Following the successful merger, the joint entity will have the highest paid-up value Rs 81 crore among the province-level development bank currently functioning in province 1. The new entity will have 28 branches in 7 districts of the province.

The newly formed bank is led by Saptakoshi development Bank with its CEO as the CEO of the new institution. It is named as Saptakoshi Development Bank with its head office in Dankuta.