Kathmandu. The final approval has been given for the merger of Nepal Rastra Bank and Nepal Credit and Commerce (NCC) Bank.Both the banks reached Nepal Rastra Bank last week for the final approval of the merger. Accordingly, the National Bank has given the final approval for the merger of both the banks.

A preliminary merger agreement was signed between NCC Bank and Kumari Bank on October 10. NCC Bank Merger Committee Coordinator Chandra Bastola and Kumari Bank Merger Committee Coordinator Krishna Prasad Gyawali signed the merger agreement.

It is said that after the merger of these two banks, the paid-up capital will be more than 26 billion, the number of branches will be 355, the number of ATMs will be 244, and the number of extension counters will be 51. Bank deposits will be more than 3 trillion 1 billion and loans will be more than 2 trillion 78 billion. Both the banks are working to do integrated business within 17th of January.

After the merger, Rameshraj Aryal of NCC Bank will become the chief executive officer of the bank. Ramchandra Khanal will be the Senior Chief Executive Officer of Kumari Bank. After the merger, the name of the bank will be Kumari Bank.