Garima Bikas Bank To Acquire Sahara Bikas Bank
October 2, 2020 | Investopaper
Garima Bikas Bank Limited (GBBL) is going to acquire Sahara Bikas Bank. Garima Bikas Bank, headquartered in Kathmandu, and Sahara Development Bank, headquartered in Siraha district, signed a memorandum of understanding (MoU) for merger/acquisition on Ashoj 16, 2077.
Garima Bikas Bank will acquire Sahara Bikas Bank in the swap ratio of 1:1. This means that every 100 shares of Sahara Bikas Bank will translate into 100 shares of Garima Bikas Bank after the acquisition. The central office of the bank will be in Kathmandu after the acquisition of Sahara Bikas Bank.
Garima Bikas Bank is currently providing services through 102 branch offices in all seven provinces of the country. Likewise, Sahara Bikas Bank is operating through 4 branch offices and 1 extension counter in Sarlahi district of Province No. 2. Both the bank have agreed to complete the work related to the acquisition by Baisakh 1, 2078 BS.
Garima Bikas Bank has already merged/acquired Nilgiri Bikas Bank of Myagdi and Shubhechcha Development Bank of Chitwan. Garima Bikas Bank started its banking service from Waling of Syangja in 2064 BS.
At present, Garima Bikas Bank has an authorized capital of Rs. 5 Arba and the issued and paid up capital of Rs. 3.23 Arba. Similarly, Sahara Bikas Bank has Rs. 50 crores as authorized capital and Rs. 25.54 crores as paid-up capital.
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