Kathmandu, July 8: Nepal Rastra Bank has given in-principle consent for the merger of Nepal Investment and Mega Bank. NRB has given in-principle agreement to the two banks for the purpose of merger.

The two banks had agreed to merge on June 10. It was agreed to merge 100 shares of Investment Bank equal to 90 shares of Mega Bank (1 equal to 0.9 percent swap ratio). Investment Bank has a paid up capital of Rs 18.30 billion and Mega Bank has a paid up capital of Rs 16.12 billion.

It has been agreed that the name of the bank will be Nepal Investment Mega Bank Limited. If the swap ratio of these two banks is maintained at 0.9 percent, the paid up capital will reach Rs 32.80 billion. The bank has mentioned that the paid-up capital will reach Rs 34 billion by giving bonus shares after the amount due to the swap.