The merger between Annapurna Development Bank (ADB)-Suryadarshan Finance and Pashupati Development Bank (PDB)- Udhyam Development Bank (UDB) took place after receiving approval from Nepal Rastra Bank (NRB) on July 5.


After the merger, the companies started their operations as Supreme Development Bank (SDB) and Axis Development Bank (ADB) respectively from July 13. Shyam Kumar Katuwal, CEO of SDB, informed, “Khem Prashad Subedi, President of ADB would resume his position as the new President and Ambika Shrestha will be positioned as the CEO of SDB.” “Shrestha will commence his position as CEO till the first AGM of the company,” said Katuwal. The new headquarter of the company will be located at New Baneshwor. After the merger, the paid up capital of the company is worth Rs 770.20 million, credit flow- Rs 1.70 billion, deposit-Rs 2 billion and reserved fund-Rs 180 million. SDB will operate its services from 13 branch offices after amalgamation. The number of clients has reached the figure of 25,000 for SDB.


Similarly, Axis development Bank will start its business from October this year. Prakash Shrestha, CEO of PDB, said, “Axis Development Bank will start operating after a few months.” Meanwhile, the bank is working to develop its physical infrastructure, he added.


The bank’s headquarter would remain at Banepa and the corporate office at Kathmandu itself. Shrestha will resume his position of CEO after the merger as well.