Laxmi Bank and Sunrise Bank signed a final agreement for a merger amid a programme organised on Monday.
The agreement was signed by Dinesh Poudyal, Director of Laxmi Bank, and Bachh Raj Tater, Director of Sunrise Bank.
The banks have agreed to merge at a swap ratio of 1:1 as per the recommendation received from Due Diligence Auditor. The merged bank will be named ‘Laxmi Sunrise Bank’ and Ajaya Bikram Shah, current CEO of Laxmi Bank will be the CEO of the merged bank.
The first meeting of the Board of Directors of the merged entity will elect the Chairman of the Board.
The final agreement will now be presented for approval from the respective general meetings of both banks. The banks will start joint operations after receiving final approval from Nepal Rastra Bank and Company Registrar’s Office. The banks have targeted to complete the merger process and start joint operations by July 16, 2023.
