October 17: Om Development Bank and Manaslu Bikash Bank have decided to merge with each other. Recently, the banks concluded the signing ceremony of memorandum of understanding (MoU) regarding the merger process. According to the banks, the merged entity will be named Om Development Bank. Similarly, Sushil Kumar Goshali, Chairman and Bishwa Mohan Adhikari and Buddi Malla, officials of Om Devt Bank will lead the merged entity as Chairman, CEO and Deputy CEO. Likewise, Durga Ram Puri, Acting General Manager of Manaslu will serve the merged entity as Assistant General Manager.

After the merger, the paid-up capital, deposit collection and loan extensions of the bank will total Rs 1.33 billion, Rs 13.98 billion and Rs 12.61 billion respectively. The branch network of the bank, after merger, will reach 36. The existing headquarter of Om Development Bank in Pokhara will serve as the headquarter of the merged entity as well.

Recently, the board of directors meeting of Om Development Bank and Manaslu Bikash Bank have decided to distribute 29.20 percent and 18.95 percent bonus shares respectively to its shareholders. After the approval of bonus shares from Nepal Rastra Bank and annual general meeting of the banks, the paid-up capital of the merged entity will reach Rs 1.68 billion.