KATHMANDU: Mega Bank has signed a memorandum of understanding (MoU) with an aim to acquire Gandaki Bikas Bank Ltd (GBBL).

The MoU that outlined the acquisition process in principle was signed by Chairman of Mega Bank Bhoj Bahadur Shah and his counterpart at Gandaki Bikas Bank Sushil Gauchan amid a programme on Wednesday, as per a press statement. As per the financial reports of both banks until the end of the fiscal year 2018-19, the combined deposit collection stood at Rs 112 billion, credit disbursement at Rs 98 billion and 191 branches.