NMB Bank and Om Development Bank make merger agreement

May 16, 2019 | Investopaper

NMB Bank and OM Development are going to sign an agreement for mergers and acquisitions on Jestha 2, 2076 i.e. today at Hotel Annapurna. Previously, OM Development Bank and Prime Commercial Bank could not reach into merger and acquisition agreement due to the conflict in the adjustment in their staffs and their position after the acquisition.

Both banks will start the joint operation after completing the merger and acquisition process within 3 months. Both Prime Bank and Om Development were directed by NRB to look for another partner for merger and acquisition after they could not resolve their conflict to merge with each other.

The swap ratio has not been fixed yet but the possible swap ratio could be 100:80 for OM Development shareholders. The paid-up capital of NMB Bank and OM Development stands at 9.61 Arba and 2.51 Arba respectively.