Kathmandu. The integrated business of Laxmi Bank and Sunrise Bank will start from today. After the merger between the two banks today, they are going to do integrated business under the name of Laxmi Sunrise Bank from July 14 2023.

A meeting of the Board of Directors of Laxmi Sunrise Bank was held at the central office of Laxmi Bank and the business of integrated business has been decided. It is said that the meeting of the board of directors of Lakshmi Sunrise Bank will launch the integrated business.

22-year-old Lakshmi Bank and 16-year-old Sunrise Bank merged on Friday and started integrated business. Lakshmi Bank and Sunrise Bank have merged with a swap ratio of 1:1. That is, the shareholder who owns 100 shares of Sunrise Bank will get 100 shares of Laxmi Bank after the merger.

After the merger, the bank's paid-up capital will reach more than 21.67 billion rupees. Currently, the paid up capital of Laxmi Bank is 11.55 billion 1.3 million rupees and that of Sunrise Bank is 10.11 billion 88 million rupees. Similarly, the reserve fund of the bank will reach 14 billion 11 crore rupees.

After the merger, deposits of Lakshmi Sunrise Bank will reach 2 trillion 87 billion rupees and disbursement of loans will reach 2 trillion 59 billion rupees. Also, the bank's branch network will reach 284. After the merger, the number of employees of Lakshmi Sunrise Bank will reach 3 thousand 170 people. At present 1 thousand 42 people are working in Lakshmi and 1 thousand 517 people are working in Sunrise.

After the merger, a 7-member board of directors will be formed, consisting of 4 members from Laxmi Bank and 3 members from Sunrise Bank. Raman Nepal, the current chairman of Laxmi Bank, will be elected as the chairman of Laxmi Sunrise Bank after the integrated transaction.

Directors Dr. Manish Thapa, Swati Rungta and Vidya Basnet will be the directors. Similarly, Sunrise Bank chairman Motilal Dugad along with engineers Bachraj Tated and Malchand Dugad will become directors. Ajay Bahadur Shah, Chief Executive Officer (CEO) of Laxmi Bank will be appointed as the CEO of the merged bank.