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National Bank Ltd (NBL) has decided not to merge with United Commercial Bank (UCB).
The NBL board of directors made the decision during its meeting on Saturday.
An NBL director said that they had never planned to merge with any bank and thus, neither the directors nor management were aware of any potential merger.
“The bank has a history of 41 years. After certain issues arose, the central bank disbanded its board of directors and appointed a new one. If we all try, we hope that this bank will become the number one bank in the shortest possible time.
Amid protests from its employees and officers, the proposed merger of the state-owned BASIC Bank reportedly faces uncertainty.