Kumari Bank Acquires Deva Bikas Bank, Joint Operation From Ashad 28
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After the successful acquisition, Kumari Bank and Deva Bikas Bank will start the joint operation from Ashad 28, 2077. The name of the bank will remain as ‘Kumari Bank Limited’.
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Kumari Bank and Deva Bikas Bank had signed the acquisition agreement on Magh 1, 2076. Nepse has halted the trading of Deva Bikas Bank today after it was informed about the acquisition of Deva Bikas Bank by Kumari Bank Ltd. on Magh 2, 2076.
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The paid up capital of Kumari Bank has increased to more than Rs. 12.50 billion after the acquisition. The bank’s deposit collection has reached Rs 120 billion and loans and advances has reached Rs 105 billion. After the joint transaction, the bank has 209 branches all over Nepal.
The swap ratio for the acqusition of Deva Bikas Bank was 1: 0.86. This means every 100 shares of Deva Bikas Bank will convert into 86 shares of Kumari Bank.
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