Deva Bikas Bank to acquire Union Finance

Mar 22, 2017 merolagani

Deva Bikas Bank Limited (DBBL) and United Finance Limited (UFL) signed an acquisition agreement on Tuesday, i.e. 8th Chaitra, 2073.

Prof. Dr. Subarna Lal Bajracharya, Chairman of Deva Bikas Bank and Mr. Bhakta Bahadur Malla, Chairman of Union Finance Limited signed the agreement papers.

The agreement between the banks is to increase the paid up capital of the bank so that to comply with Nepal Rastra Bank’s capital requirement. After the acquisition, the paid up capital of the bank will stand at Rs 1.62 arab.

As per the 2nd quarter financial results, Deva Bikas Bank has paid up capital of Rs 1.44 arab whereas Union Finance has a paid up capital of Rs 17.65 crores. Deva Bikas Bank had issued 50% right share. Paid up capital of Deva Bikas Bank will stand at Rs 1.62 arab after capitalization of right share and acquisition.

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