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Siddhartha Devt Bank to be acquired by Janata Bank

Siddhartha Development Bank is set to be acquired by Janata Bank.   A special general meeting of Siddhartha Development Bank held on May 26 approved a proposal regarding the acquisition. The meeting approved the acquisition proposal based on the due diligence audit (DDA) report that fixed a swap ratio of 1:1.
Moreover, the meeting also endorsed a merger agreement paper prepared by BOD and presented by Ram Bahadur Bhandari, Chairman of the bank along with decisions made by joint merger and acquisition committee.
“The merged entity will have seven board of directors including five from Janata Bank and two from Siddhartha Development Bank,” said chairman Bhandari.

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