Yeti and Mahalaxmi Bikas Bank to merge

May 7: The 15^th annual general meeting of Yeti Development Bank has approved a merger proposal with Mahalaxmi Bikas Bank. Issuing a press statement, the bank said that the meeting approved the special proposal of renaming the bank to ‘Mahalaxmi Bikas Bank Ltd’.

Similarly, the AGM approved a proposal of maintaining the swap ratio 1:1 with Mahalaxmi Bank. Likewise, the meeting also approved general proposals including Board of Directors’ report, financial report of FY 2072/073 and appointment of auditor. Moreover, the meeting delegated authority to BOD to forward the process of merger/acquisition with other BFIs.

Additionally, the bank informed of earning Rs 217.1 million net profit by the third quarter of the current FY in the meeting.