After Union Finance, Deva Bikas Bank is set for yet another acquisition

Apr 07, 2017 merolagani

After the acquisition of Union Finance Limited (UFL), Deva Bikas Bank Limited (DBBL) has signed yet another acquisition agreement. Deva Bikas Bank signed an acquisition agreement with Sajha Bikas Bank Limited (SAJHA) yesterday (24th Chaitra, 2073).

Prof. Dr. Subarna Lal Bajracharya, Chairman of Deva Bikas Bank and Mr. Fakir Singh Kadayat, Chairman of Sajha Bikas Bank signed the agreement.

The bank is acquiring one institution after another to meet the minimum capital requirement specified by the central bank. Nepal Rastra Bank has instructed all the BFIs to increase their paid up capital by Aasadh 2074. According to 2nd quarter financial results for 2073/74 Deva Bikas Bank has a paid up capital of Rs 1 arab 44 lakhs.

The bank has increased its paid up capital to Rs 1.45 arab by distributing 14% bonus shares and right shares worth Rs 44 crores from profit earned in last fiscal year. Acquisition of two BFIs will increase Deva’s paid up capital to Rs 1.72 arab.

Sajha Bikas Bank and Union Finance has paid up capital of Rs 10 crores and Rs 17.65 crores respectively.

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