Nepal Investment Bank and Mega Bank merge to start integrated transaction from January 11

KATHMANDU: Nepal Investment Bank and Mega Bank Nepal are going to start integrated transaction from January 11th.

After the merger of these two banks, the integrated transaction is about to start under the name of Nepal Investment Mega Bank.

The separate annual general meeting of both the banks held on 22nd December passed the proposal to go for the merger.

Nepal Rastra Bank has given final approval to both the banks to go for merger on 1st of January.

Similarly, the company registrar's office has approved the merger on 5th of January so that Nepal Investment Bank will take over all the assets and liabilities that existed until the last day of merger of Mega Bank.

The central office of the bank that will be formed after the merger will be located at Durbar Marg, Kathmandu Ward No. 1, where Nepal Investment Bank Limited currently has its central office, the company informed.

Also, it has been reported that the banking services of both banks will be closed on January 9 and January 10 for data migration purposes.

Both the banks have gone into merger in the ratio of 100:90.

If a shareholder of an investment bank holds 100 shares, there will be no change in the number of shares.

Now those who have 100 shares of Mega Bank will be reduced to 90 shares.

In this way, the merger took place in the ratio of 100 shares of investment equal to 90 shares of Mega.

Currently, Investment Bank's paid-up capital is 19.3 billion rupees and Mega Bank's is 16.76 billion rupees.

The paid-up capital of the bank formed after the merger will reach around 35 billion rupees.