Nepal Rastra Bank has passed a decision to issue Letter of Intent (LOI) to the merger process of Nepal Investment Bank Limited (NIB) -Mega Bank Nepal Limited (MEGA).
Following the Central Bank's official approval, NIB also notified NEPSE (Nepal Stock Exchange) that the merged banks have obtained an agreement-in-principle from Nepal Rastra Bank in a letter dated 22 Ashad, 2079.
NIB and MEGA had agreed to merge on Jestha 27. The name of the merged institution will be Nepal Investment Mega Bank. It has been agreed that Mr Prithvi Bahadur Pandey and Jyoti Pandey will be the chairman and CEO of Nepal Investment Mega Bank. Nepal Investment Bank and Mega Bank signed a merger deal in a ratio of 100:90.
The paid-up capital of NIB at the present is Rs. 18.3 Arba. Meanwhile, the paid-up capital of MEGA is Rs. 16.1 Arba. The total paid-up capital of the newly merged company will be Rs. 32.81 Arba.
Immediately after the joint operation, there will be 295 branches. The bank will also have 271 ATM terminals, 46 extension counters, and 118 branchless banking points. Also, there will be 10 revenue collection counters in the bank.