Siddhartha Development Starts Joint Transaction

June 12: Ekta Bikas Bank and Nepal Aawas Finance Limited have merged with Siddhartha Development Bank Limited (SDBL). The merger bank has started the joint transaction from June 10. The joint transaction was inaugurated by Finance Minister, Bishnu Poudel. Among the banks that merged into SDBL, Ekta Bikas bank has operation in 10 districts and Aawas Finance is the national level ‘C’ graded bank.

“SDBL is the first bank to make the merger agreement after Nepal Rastra Bank (NRB) issued directive to increase paid up capital to Rs 8 billion,” informed the bank in the program.

According to the bank, the bank has paid-up capital of Rs 1.14 billion, deposits of Rs 12 billion and Rs 10 billion loans after the merger. The bank claims to be the second largest development bank in terms of capital across the country. The branch number of the SDBL has reached 33 after the merger.