Four BFIs to merge
Manakamana Development Bank, Infrastructure Development Bank, Yeti finance and Valley Finance are going to merge to form A category commercial bank.
Organising a press conference in capital on Wednesday, these financial institutions have signed an agreement to go for merger policy to form a commercial bank with an aim to mitigate financial issues seen in the sector.
After the merger, the entity will have the paid up capital of Rs.
2.75 billion while deposits will be over Rs. 8 billion and loans and advances of Rs. 7 billion.
The merged entity will also have 38 branches and 20 ATMs across the country. Nepalnews.com