After the merger of two development banks and two finance companies a new ‘A’ class bank is going to established. Manakamana Development Bank Ltd., Infrastructure Development bank Ltd., Valley Finance Ltd. and Yeti Finance Ltd. are going to merge to form “Apex Bank Ltd”. These institutions signed on Memorandum of Understanding (MoU) on Feb. 27, 2013. 

 

Rameshwor Thapa, coordinator of the merger has stated that after the merger, the newly formed commercial bank will come to operation after they get the approval from the central bank, Nepal Rastra Bank (NRB). He also added that they have got the approval from NRB to expand branches within a year. 

 

After the completion of the merger the new bank will have a total of 43 branches with total of 315 employees. The financial institutions are on discussion for selecting the Chief Executive Officer for the new Bank. Moreover, the trading of the shares of these financial institutions has been suspended for the purposes of merger by Npese.