May 17: NMB Bank Ltd has announced the acquisition of Om Development Bank.  The bank said during a press conference in the capital on Thursday that it has signed a memorandum of understanding (MoU) with Om Development Bank for the acquisition.

NBM Bank’s promoter Pradeep Raj Pandey and Yogendra Lal Pradhan, promoter of Om Development Bank, signed the agreement on behalf of their respective organisations.

Speaking at the event, Sunil KC, CEO at NMB Bank, said the focus of the bank is not only to generate profit. “The bank is looking forward to contribute to the economic development of the nation,” he said, adding the bank will start joint transaction within the next two months.

Earlier, Om Development Bank was preparing for a merger with Prime Commercial Bank leading to a halt in its share trading for almost eight months.

After the acquisition, the total paid-up capital of the bank will be Rs 11.50 billion. The bank will operate through 163 branches and 120 ATM outlets.