KATHMANDU, June 21: Siddhartha Bank Ltd (SBL) has started operations Tuesday after successfully completing its merger with Business Universal Development Bank Ltd (BUDBL).
Post-merger NCC Bank starts operation
The newly-merged entity was inaugurated by Nepal Rastra Bank Governor Chiranjibi Nepal.
The bank said, in a statement issued on Tuesday, it aims to serve the diverse banking and financial needs of its clients as a bigger and stronger commercial bank in the days ahead. It says it increased its paid-up capital to Rs 3.02 billion after the merger. “As of June 20, the bank has been able to create a combined deposit portfolio of Rs 62.10 billion and credit portfolio of Rs 53.64 billion while a Profit Before Bonus and Taxes stands at Rs 1.90 billion and a net profit at Rs. 1.16 billion,” the bank said.
After the merger, the bank will be providing high-quality banking products and services through its comprehensive network of 69 branches, 81 ATMs and 65 branchless banking
