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Shangri-La Acquires Cosmos

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Shangri-La Acquires Cosmos
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July 17: Shangri-La Development Bank has started integrated transaction from July 14 after acquiring Cosmos Development Bank, whose head office is in Gorkha.

After the acquisition, the paid-up capital of Baluwatar-based Shangri-La has reached Rs 1.3584 billion. The bank informed that its paid-up capital will further increase to Rs 2.4452 billion after the issuance of right shares, which has been approved by the 12th AGM of the bank.

Also, after the distribution of bonus shares from the profit of F/Y 2016/17, the bank will be able to meet the revised paid-up capital requirement of NRB, informed Deputy CEO Dinesh Thakali of the bank.

After the acquisition, the bank’s deposit has reached Rs 12.40 billion and its loan extension to Rs 11.41 billion. The bank now owns a total of 35 branches and one extension counter.

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