May 29: Janata Bank is set to acquire Siddhartha Development Bank.   A special general meeting of Janata Bank held on May 27 approved a proposal regarding the acquisition. The meeting which was held under the chairmanship of Keshav Bahadur Raymajhi, Chairman of the bank approved the swap ratio of 1:1.

After the acquisition, the paid-up capital of the bank will reach Rs 7 billion. Issuing a press statement, the bank informed of issuing bonus share by the end of current FY in a bid to meet the cap of minimum paid-up capital of Rs 8 billion.

According to the bank, it will have deposit collection of Rs 51 billion and loan extension of Rs 48 billion after the acquisition. Similarly, number of branches and ATM outlets will increase to 112 and 60 respectively.