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Machhapuchchhre Bank, Janata Bank Nepal shelve merger plan

Nepal's Machhapuchchhre Bank Ltd. and called offtheir plan to merge due to differences over valuation of their respectiveshares, The Kathmandu Post reported April 12.

Shareholders of Machhapuchchhre Bank objected to the swapratio calculated by a joint merger committee, which valued the bank's shares at109 Nepalese rupees apiece and Janata Bank's shares at 82 rupees per share. MachhapuchchhreBank proposed to value its shares at 100 rupees apiece and Janata Bank's sharesat 45 rupees each. Janata Bank, however, did not accept the proposal.

The banks proposed to merge to meet capital requirements setby Nepal's central bank. After the collapse of the proposed merger,Machhapuchchhre Bank intends to issue 16% bonus shares followed by 50% rightsshares issue, the report added, citing a proposal in the bank's notice forannual general meeting.

Meanwhile, Janata Bank official Guru Prasad Neupane saidseveral banking and financial institutions were willing to merge with the lender.He said the bank will initiate the process soon.

As of April 12, US$1 was equivalent to 106.32 Nepalese rupees.