Kist, Vibor sign merger deal

Kist Bank Ltd and Vibor Development Bank have signed an agreement to go for merger process.

An agreement to this effect was signed between managing director of Kist Bank Kamal Gyawali and vice-chairman of Vibor Development Bank's Roop Jyoti amidst on Thursday.

After the completion of merger process, the new entity’s name will be Kist Bank with the total paid-up capital of Rs. 2.91 billion.

Kist, a category ‘A’ (commercial bank) has a paid-up capital of Rs. 2 billion while Vibor, a category ‘B’ has a paid-up capital of Rs. 916.2 million.

Similarly, Kist’s deposit mobilisation stands at Rs. 20.98 billion while it has extended Rs. 17.59 billion loans and its capital adequacy ratio stands at 10.80 percent.

Likewise, Vibor's deposits stand at Rs. 2.86 billion with issued loan worth Rs. 1.68 billion while its capital adequacy ratio stands at13.75 percent.

The consolidation process will be completed within the next sixth months. nepalnews.com