March 15 - Mahalaxmi Development bank , which has come to existence with the merging of Mahalaxmi Finance, Malika Bikash Bank and Siddhartha Finance has decided to merge with Yeti development Bank. Swap ratio decided for the merger is 1:1.
As per the information, the name of Bank after merger shall be Mahalaxmi Development Bank. Paid up capital of the bank shall reach to Rs.2.63billion and the paid capital requirement for a development bank as per the circular of Nepal Rastra Bank is Rs. 2-50 billion. The bank will have 61 branches across the country.