Kathmandu. Lakshmi Bank and Sunrise Bank are going to merge. The exercise has started for these two banks to merge with each other.

A merger committee has also been formed for these two banks to merge with each other. It is said that the merger committee has been formed under the coordination of Sharda Sharma, director of Sunrise Bank. Deepak Nepal is a member of the committee.

The meeting of the board of directors held on Thursday authorized the chairman Motilal Dugad to sign the merger agreement with Laxmi Bank. Bank sources said that the chairman and the merger committee were given all necessary tasks for the merger at that meeting. Sources informed that the letter of understanding for the merger between the two banks will be signed in a few days and prepared to be submitted to Nepal Rastra Bank.

Regulatory body Nepal Rastra Bank has been urging Sunrise Bank to go for merger. After the pressure of Rashtra Bank, Lakshmi Bank and Sunrise Bank are going to merge in the ratio of 1:1 ie one equal to one. After the merger, the bank's paid-up capital will be 21 billion more. Currently, the paid-up capital of Laxmi Bank is 11.55 billion 13.45 thousand rupees and that of Sunrise Bank is 10.11 billion 88.92 thousand rupees.

The organizational transfer after the merger of these two banks is yet to be decided. According to sources, the chairman, name and director of the bank to be formed after the merger are still to be decided in the discussion of both the banks. However, it is said that after the merger, Lakshmi Bank will have a chairman and the responsibility of choosing the chief executive officer (CEO) has been given to the CEO of the respective bank.