Monday, June 24, 2013

Manakamana, Valley shareholders approve merger with Infrastructure Development Bank, Yeti Finance

Shareholders of Manakamana Development Bank have approved the merger with Infrastructure Development Bank, Yeti Finance and Valley Finance.
The annual general meeting of Manakamana Development Bank – the class ´B´ financial institution – today approved merger with the target of creating a commercial bank
Likewise, Valley Finance shareholders also approved its proposedmerger with the other three financial institutions.
The special general meetings of Yeti Finance and Infrastructure Development Bank approve the merger, they will move to the central bank for final permission to complete the merger process.
After the merger, the new entity will have a paid-up capital of around Rs 2.2 billion that is mandatory for a commercial bank. However, only paid up capital is not the measuring rod for an upgradation to commercial bank.

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