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Monday Feb 6, 2023

Final agreement of NIB, Mega Bank merger


Nepalnews
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2022 Nov 29, 15:32, Kathmandu
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Nepal Investment Bank and Mega Bank are goimerge with each other. The final merger agreement was completed today. The meeting of the board of directors of both banks have approved and handed over the final merger agreement. With the approval and handing over by the directors of both the banks, the road to the merger of the two banks has been completed.

Nepal Rastra Bank has set a deadline for the merger of Nepal Investment Bank and Mega Bank till January 22. Gopal Khanal, the owner of Mega Bank, who is also a member of the merger committee, informed that they are preparing to merge and start an integrated business within the time set by the National Bank.

A merger agreement was signed between Nepal Investment and Mega Bank on May 27 last year. The agreement signed between the two banks states a swap ratio of 100:90. It has been agreed between the two banks that one share of Investment Bank is equal to 0.90 share of Mega Bank.

Currently, the paid-up capital of Nepal Investment Bank is 18.31 billion and that of Mega Bank is 16.12 billion. After the merger of the two banks, the paid-up capital of the bank will be Rs 34.43 billion. It has been agreed that Prithvi Bahadur Pandey and Chief Executive Officer Jyoti Pandey will be the president of the organization formed after the merger. The name of the institution will be Nepal Investment Mega Bank.

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