Janata Bank acquires Siddhartha Dev Bank

July 17, 2017 11:55 AM Republica


KATHMANDU, July 17: Janata Bank has completed acquisition of Siddhartha Development Bank Ltd.

Issuing a statement, the bank said that the two entities started integrated operation from Friday. Chintamani Shiwakoti, officiating governor of Nepal Rastra Bank (NRB), inaugurated integrated operation of the bank, the bank said in the statement.

According to the statement, it's paid-up capital has reached Rs 7 billion after the acquisition. It has mobilized Rs 50 billion in deposit and extended Rs 45 billion in loans.

Janata Bank Ltd operates with a network of 113 branch offices across the nation. It has a base of around 500,000 customers.

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