October 23: Nepal Credit and Commerce (NCC)  Bank is preparing to conclude the long due merger with four development banks including Suprim Development, International development, infrastructure development and Apex Development and commence joint transaction within next one month.

Previously, Kumari Bank was also supposed to merge with the aforementioned banks. But when Kumari Bank withheld merger agreement in the mid way, the biggest merger process till date was lengthen for some period. However, the joint merger committee of the banks informed that the banks have submitted proposal to Nepal Rastra Bank for the final approval on merger with a target to start joint transaction from mid-November. "As the swap ratio of the banks are already decided, upon receiving final approval from NRB, joint transaction will be started by completing all the other tasks," said Laxmi Prapanna Niroula, Convenor of NRB formulated NCC Management Team. 

After the merger of four development banks with NCC Bank, the merged entity will have paid-up capital of Rs 5.66 billion. After issuing bonus share for the FY 2072/73, the bank is planning to float right shares to meet the short paid-up capital. "The bank requires to issue right shares in order to meet the minimum paid-up capital requirement of Rs 8 billion as per the NRB directive. As per our calculation, the bank will have to issue right shares worth of Rs 500-900 million,' Niroula informed.

The bank informed that the merged entity will have deposit collection of Rs 58 billion and loan extension of Rs 47 billion. The bank will have a total of 96 branches and 1,028 employees.