Kathmandu. Laxmi Bank Limited and Sunrise Bank Limited merged with each other and started integrated business under the name of 'Lakshmi Sunrise Bank Limited' from today. The integrated business of the two banks has started within 6 months of the initial agreement regarding the merger.

A preliminary memorandum of understanding regarding the merger was signed between the two banks on 25 January 2079. Similarly, on June 8, 2080, the final agreement regarding the merger was reached and on June 3, both banks passed a special resolution regarding the merger in the general meeting. The Nepal Rastra Bank gave the final approval regarding the merger on June 22 and the approval was received from the company registrar's office on June 24. The Nepal Securities Board had given a pre-approval letter on June 25.

Both the banks have been merged in the share ratio of 1:1. After the merger, Ajay Vikram Shah, the then CEO of Laxmi Bank, became the CEO of Laxmi Sunrise Bank. Sunrise CEO Suman Sharma has left the bank.

The paid up capital of Laxmi Bank was 11 billion 55 crore 13 lakh 45 thousand 100 rupees and the paid up capital of Sunrise Bank was 10 billion 11 crore 88 lakh 92 thousand 900 rupees. After the merger of the two banks, the total paid-up capital has reached 21.67 billion. After the merger of the two banks, the central office of the organization has been established at Kathmandu 1 Hattisar, where the current office of Lakshmi Bank is located.