Kathmandu. Laxmi Bank and Sunrise Bank will merge with each other and start integrated business from 24th June. The final agreement for the merger was signed between Lakshmi Bank and Sunrise Bank on Monday 8th May.

Lakshmi Bank and Sunrise Bank, which had entered into an initial merger agreement on December 25, signed a final merger agreement on Monday to conduct integrated business by the end of June.

It is agreed that the two banks will merge on an equal footing. The final agreement of the merger has been made with the share exchange ratio (swap ratio) being 1:1. For the purpose of merger/amalgamation between Lakshmi Bank Limited and Sunrise Bank Limited, the proposal related to allotment of 1:1 shares based on the recommended share exchange ratio (swap ratio) as per the valuation report of assets, liabilities and business of both organizations received from appraiser NBSM & Associates, was passed by the special general meeting of both banks. has passed.

After the merger, it has been agreed that the name of the new bank will be Lakshmi Sunrise Bank. Ajay Vikram Shah, the chief executive officer of the bank that will be formed after the merger, and the board of directors of the bank that will be formed after the merger have been elected in the first meeting and the work is being carried out.

The paid-up capital of the new bank will reach 21 billion 67 million 238 thousand rupees. At present, Lakshmi Bank has a paid-up capital of 11 billion 55 million 13 million 45 thousand 100, while the paid-up capital of Sunrise Bank is 10 billion 11 million 88 million 92 thousand 900.

After the merger, the loan of the bank will reach two trillion 48 billion rupees. Now Lakshmi has one trillion 29 billion rupees and Sunrise one trillion 19 billion rupees. Similarly, the deposit will reach two trillion 65 billion rupees. Now Lakshmi has 1 trillion 40 billion rupees and Sunrise Bank has 1 trillion 25 billion rupees.