Kabeli Bikas Bank and Mount Makalu Devt Bank to Merge

May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.

The banks merged with each other in order to meet the minimum paid-up capital requirement of Rs 500 million as per the directive of Nepal Rastra Bank by the end of the current FY. According to the agreement, the merged entity to be known as Kabeli Bikas Bank will be headquartered in Dhankuta and will be lead by the chairman of the current Kabeli Bikas Bank.