KATHMANDU, Nov 27: Jyoti Development Bank Ltd (JDBL) and Hamro Bikas Bank Ltd (HBBL) have decided to undergo merger. Issuing a statement, JDBL said that it signed a Memorandum of Understanding with HBBL on Wednesday.
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JDBL said that it pursued merger with the HDBL for consolidation of capital, protection of interest of depositors, and increase competitive advantage of the bank, among others.
The two institutions plan to complete merger by mid-April next year. Kathmandu-based JDBL and Nuwakot-based HBBL have also agreed to move ahead with the name of 'Jyoti Development Bank Ltd' as the merged entity.
