Kathmandu. Nepal Rastra Bank has given final approval to the merger of Himalayan and Civil Bank. Himalayan has received final approval from Rashtra Bank to acquire Civil Bank.

  The meeting of the Rastra Bank Board of Directors decided to give final approval to the merger process of these two banks. According to Rastra Bank, it is said that the minutes have been completed and the concerned banks are preparing to understand the letter. The agreement was signed on behalf of Himalayan Bank by Chairman Prachanda Bahadur Shrestha and Chairman Pratapjung Pandey on behalf of Civil Bank.

Both these banks have agreed to merge at a swap ratio of 1:80.28. This means that a shareholder who owns 100 shares of Civil Bank will get 80 shares of Himalayan Bank.

The bank has said that it plans to start the integrated business from February 1. After the merger, the name of the bank will be Himalayan and the board of directors will also be the same as the current Himalayan Bank. It has been agreed that Himalayan Bank's Ashok Rana will be the CEO, while Civil Bank's Sunil Kumar Pokhar will be the Senior Deputy CEO.

After acquiring Civil Bank, the paid-up capital of the new bank will reach 21.65 billion rupees. The branch network will reach 189.