KATHMANDU: Kumari Bank Ltd (KBL) is set to acquire class ‘B’ Deva Development Bank (DDB).

In this regard, a memorandum of understanding (MoU) for the acquisition was signed on Wednesday, as per a media release. Board of Directors of KBL and DDB, Krishna Prasad Gyawali and Bharat Bahadur Hamal had signed the MoU on behalf of their respective institutions.

Following the acquisition, KBL’s paid-up capital will cross Rs 12.50 billion, deposits will reach Rs 120 billion and credit disbursement will stand at Rs 105 billion.