Jyoti Bikash to Acquire Rapti Bheri Bikas Bank

March 29: Jyoti Bikash Bank (JBBL) is acquiring Rapti Bheri Bikas Bank (RBBBL). A memorandum of understanding between the two financial institutions regarding the acquisition was signed at the central office of JBBL at Kamaladi on March 28. Hari Chandra Khadka, Chairman of Jyoti and Prem Bahadur Bhandari, Chairman of Rapti Bheri signed the agreement paper amid a program.

Presently, Jyoti Bikash has paid-up capital of Rs 1.10 billion. The bank is in process of issuing 1:1 right shares to its existing shareholders. Similarly, Rapti Bheri Bikas Bank has paid-up capital of Rs 143.7 million. After the acquisition, the paid-up capital of Jyoti Bikash Bank will reach to Rs 2.35 billion. Likewise, deposit and loan extension of the bank will amount to Rs 10 billion and Rs 9 billion respectively.