Kathmandu. The six commercial banks that are in the process of merger will become three and the integrated business will take place within this month. The integrated business of Global IME and Bank of Kathmandu (BOK), Prabhu and Century and Nepal Investment and Mega Bank will take place within the month of January. The integrated business of Himalayan and Civil Bank, which are in the process of merger, will not happen within the month of January.

Six commercial banks have passed the proposal related to merger in the annual general meeting and have received the final approval from the National Bank, while the annual general meeting of Himalayan and Civil has been fixed only on poush 28 AGM. As the way of integrated business will be opened only after the final approval of the National Bank after it is passed by the General Assembly, this work is not possible within this month.

With the approval from the NRB on February 28th, integrated transactions between Global IME and BOK have been prepared from January 15th. On the same day, Nepal Investment and Mega Bank have also started preparing for integrated business from poush 27 after getting the final approval from Rastra Bank.

Meanwhile, on December 28, Prabhu and Century Bank also received final approval from the National Bank for the merger. After the approval of the National Bank, the integrated business of the two banks is set to take place from Friday, January 19.

The annual general meeting of Himalayan and Civil, which is in the process of merger, will be held on 28th January and the said general meeting will pass a special resolution regarding the merger. After that, the application will be submitted to the Rastra Bank for final approval and after receiving the approval from the Rastra Bank, the integrated transaction is ready to be carried out within the third week of January, the sources said.

Global and BOK will be united and the business will be integrated under the name of Global IME Bank. The annual general meeting held on the same day on November 23 passed the merger proposal. These two banks are going to merge in a share swap ratio of 1:1. After the merger, the total paid-up capital will be 34.41 billion.

There will be 5 members of the Board of Directors, including Chairman Chandra Dhakal, and 2 members from BOK. Ratnaraj Bajracharya will remain the CEO of the bank. After the merger, there will be a total of 385 branches, 367 ATMs, 275 branchless banking, 61 expanded branches, and 3 foreign contact offices.

Likewise, Nepal Investment and Mega will have 100:90 shares, i.e. 90 shares of investment equal to 100 shares of Mega. Jyotiprakash Pandey will be the CEO of the bank and Prithvi Bahadur Pandey will be the chairman. The total paid-up capital will be 32 billion 81 million.

Similarly, Prabhu and Century are about to merge in a share swap ratio of 1:1. After the acquisition of Century, it has been agreed that the integrated transaction will be done under the name of Prabhu Bank. After the acquisition, Ashok Sherchan will remain the CEO of Prabhu Bank, while Manoj Neupane, the senior deputy CEO from Century, and 3 people will be included in the board of directors. After the merger of the two banks, the total paid-up capital will be 22 billion 25 million.

Himalayan is going to acquire Civil in a swap ratio of 100:81. After the acquisition, Ashok Rananai will be the CEO of Himalayan Bank, while Sunil Pokharel, the CEO of Civil, will be the deputy CEO. The paid-up capital of Himalayan is 12.96 billion and the paid-up capital of Civil is 9.7 billion.

Kumari and NCB Bank, which are in the process of merger, have started integrated business from Sunday 17th poush 2079.