Kathmandu. The merger process with Mega Bank Nepal has been approved by the Annual General Meeting of Nepal Investment Bank Limited. The 36th annual general meeting of the bank passed a special resolution regarding the 100:90 share swap ratio approved by the bank's board of directors on the recommendation of the joint merger committee for the purpose of merger between Mega Bank and Nepal Investment Bank.

The assembly has also approved all the activities including the DDA report, memorandum of understanding and final agreement regarding the merger process which has been put as a special proposal. In the meeting, Jyotiprakash Pandey, Chief Executive Officer of the bank, said that the aim is to complete the merger process and start the integrated business within 27th poush 2079.

A preliminary agreement was reached between Investment and Mega on 27th May last. On June 22 last, the Nepal Rastra Bank gave in-principle approval to the merger between Investment and Mega.

The name of the bank formed after the merger will be 'Nepal Investment Mega Bank'. Jyoti Prakash Pandey will be the Chief Executive Officer of the bank and Prithvi Bahadur Pandey will be the President while Rabina Deshraj Joshi will be the Deputy Chief Executive Officer. After the merger, the paid-up capital of the bank will reach 34.42 billion rupees.