Kumari Bank to Acquire Deva Bikas Bank

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Kumari Bank to Acquire Deva Bikas Bank

May 9: Kumari Bank is in the process to acquire Deva Bikas Bank. The two companies have called a meeting on June 1 to finalize the deal.

Kumari Bank will hold its General Assembly on the stipulated date at Naxal at 11 am while Deva Bikas Bank will also hold AGM at the same time at its head office in Lal Durbar.

Kumari Bank will present the acquisition proposal to the General Assembly with the power of attorney vested on the board of directors. Kumari Bank is preparing to close its book on May 20 for the Special General Assembly.

Meanwhile, the AGM of Deva Bikas Bank is scheduled to approve the acquisition proposal and the financial report of fiscal year 2019/20.  The AGM is also expected to approve distribution of 8.55 percent bonus share.

Deva Bikas Bank is preparing to close its book between May 18 and June 1 ahead of its AGM.

The paid-up capital of Deva Bikas Bank currently stands at Rs 3.17 billion while that of Kumari Bank is Rs 9.41 billion.

 

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