In Breeding

National Development Bank (NDB) is expecting a green light to an amendment to its Act to merge with its commercial banking subsidiary NDB Bank. National Development Bank (NDB) is expecting a green light to an amendment to its Act to merge with its commercial banking subsidiary NDB Bank. The bill, submitted as an urgent one by the president, is expected to be taken up soon.

NDB now has a 92 percent stake in NDB Bank, after making a mandatory offer to buy out minority shareholders.

NDB Bank says the merger would take place in two to three months from the date of parliamentary approval.

Preliminary work on valuation has already started.

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Stock brokers say the merger process could drag on till next year.

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NDB Bank's profit before tax was marginally up during the first half of this year to Rs. 136 million.

The bank’s association with NDB has also helped the smaller NDB bank overcome the capital constraint faced by them.

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Pending the merger Central Bank has allowed NDB Bank to benefit from the stronger capital base of its parent to meet capital adequacy requirements set by the regulator.

-LBR Newsdesk: