Nepal Bank and NIDC to Merge

April 12: Nepal Bank and NIDC Development Bank are going for merger. A recent board of directors meeting of the Nepal Bank has taken a principle decision to start merger or acquisition processes with NIDC Development Bank. According to the Nepal Bank, the management has already been directed to move towards the merger process. Similarly, the bank has also made informal discussion with the government and NIDC for the purpose. However, formal decision is yet to be made. Both banks are owned by the government. The government holds 62 percent stake in the Nepal Bank has and 99 percent in the NIDC.