Kathmandu. Mega Bank and Nepal Investment Bank have reached an agreement for merger. The two banks signed a memorandum of understanding (MoU). The MoU was signed by Investment Bank Chairman Prithvi Bahadur Pandey and Mega Bank Chairman Bhoj Bahadur Shah. After the merger, the name of the bank will be Nepal Investment Mega Bank Limited. Similarly, Pandey will be the chairman of Nepal Investment Bank and Jyoti Prakash Pandey will be the chief executive officer of the bank. Similarly, acting Chief Executive Officer of Mega Bank Raveena Deshraj Joshi will be the Deputy Chief Executive Officer.

It is mentioned in the agreement that the two banks will expedite the work of DDA, general meeting and so on to start integrated business by mid-October. After the agreement, the paid up capital of Nepal Investment Mega Bank Limited will reach Rs. 32.81 billion. At present, the paid up capital of Nepal Investment Bank is Rs. 18.30 billion and that of Mega is Rs. 16.12 billion.