December 26: Mount Makalu Development Bank has merged with Dhankuta-based Kabeli Bikas Bank. The merger agreement between the banks was signed on December 4. The recently held Special General Assembly of both the banks had endorsed the proposal for the merger. Kabeli Bikas Bank’s chairman Gopal Prasad Kafle will head the merged entity while the name Kabeli will be retained after the merger. Post-merger, the bank’s paid-up capital has reached Rs 503.5 million and will cater its banking services from Dhankuta, Tehrathum and Morang.