NMB Bank inks acquisition agreement with Kanchan Development Bank

KATHMANDU . NMB Bank has signed the agreement for acquisition of Kanchan Development Bank Limited, a ‘B’ class financial institution operating for the last ten years in Province 7 with its head quarters located in Mahendranagar, Kanchanpur.The agreement has been signed on February 9, 2020.
The acquisition of Kanchan Development Bank fits into NMB’s road map towards achieving a balanced network and brand presence in the key Provincial structures of the country whilst at the same time gives impetus to its objective of providing access to finance amongst the masses in semi urban and rural areas to achieve its goal of sustainable banking.
Kanchan Development Bank has footprints across Province 7 from Kailali to Kanchanpur, Dadeldhura, Baitadi, and Doti covering 5 districts with 17 branches and 3 extension counters. Post merger NMB network shall further strengthen in Province 7 to include 24 branches and 4 extension counters.
NMB Bank currently has a network of 163 branches, 131 ATMs and 5 extension counters across the country. The Bank has been recognized as The Bank of the Year – Nepal in 2017 & 2018'', by The Financial Times, London in 2017 and 2018 consecutively.