Shareholders Approve Manakamana, ID Bank & Yeti Merger

Shareholders of Manakamana Development Bank and Valley Finance have cleared the deck for the financial institution´s merger with Infrastructure Development (ID) Bank and Yeti Finance. 

The annual general meetings (AGMs) of financial institutions held on June 24 extended green signal to the consolidation process initiated with the target of creating a commercial bank. 

Similarly, the special general meetings of Yeti Finance and ID Bank held on June 25 and June 27, respectively, have endorsed the merger process. 

After the merger process wraps up, the new entity will have a paid-up capital of approximately Rs 2.2 billion.