Nepal Rastra Bank (NRB) has given an in-principle agreement for the merger of Nepal Investment Bank (NIB) and Mega Bank. NRB said in a letter on Wednesday that it had agreed to do so.
It has been stated that the agreement between NIB and Mega has been reached as per the fourth amendment of the related regulations 2073 for the purpose of the merger.
NRB has also stated that a joint application should be submitted to this bank for final approval. He also said that the decision of matching the posts of the employees and service facilities should also be submitted.
A memorandum of understanding (MoU) was signed on June 11 to merge the two commercial banks.
As mentioned in the MoU, it has been agreed that the name of the bank will be Nepal Investment Mega Bank. Similarly, the swap ratio will be 100:90. The bank to be formed after the merger will have 3/3 board directors from both the banks. An independent director will be appointed by NIBL.
Similarly, Jyoti Pandey will be the Chief Executive Officer of the bank. Rabina Deshraj Shrestha will be the senior deputy chief executive officer. Prithvi Bahadur Pandey will be the chairman of the bank.