Vibor Society Devt Bank to Rename as Lumbini Bikas Bank

May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9^th annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as ‘Lumbini Bikas Bank’.

In the meeting, the bank informed that the merged entity will have paid-up capital of Rs 2.37 billion. The AGM also approved a proposal of issuing 10 percent right shares of the paid-up capital maintained after the merger. Presently, the bank has deposit collection of Rs 15.6 billion and loan extension of Rs 13.56 billion, informed the bank on the occasion. The bank earned Rs 220 million net profit by the third quarter of the current FY. The merged entity will be lead by Sushil Raj Parajuli as Chairman. Moreover, Jhalak Prasad Khanal will be the CEO of the merged entity.

Meanwhile, the special general meeting of Lumbini Finance and Leasing Company has approved the merger proposal with Vibor Society Development Bank. The SGM was conducted under the chairmanship of Chinta Mani Bhattarai, BOD Chairman of the bank. Moreover, the meeting also endorsed a proposal regarding changing share structure ratio of promoter and general shareholders to 51:49.