First Business News Portal in English from Nepal
KATHMANDU: Merger between Mega Bank Nepal Limited (MEGA) and Nepal Investment Bank Limited (NIB) has been completed and the joint business of the two institutions has been started from today, Poush 27 i.e January 11, 2023.
The company had signed a merger deal at a swap ratio of 100:90, implying that the number of shares of MEGA shareholders will decrease by 10%. “Nepal Investment Mega Bank Limited” has been agreed upon as the name of the new bank that will be formed as a result of the merger. NIB and MEGA had agreed to merge on Jestha 27.
Also, the share trading of “Nepal Investment Mega Bank Limited” has been suspended for 15 days starting from today for the purpose of matching the shares of the target institution, re-registration of securities, dematerialization and listing of securities.
The paid-up capital of NIB as per the first quarter report of FY 2079/80 is Rs. 18.3 Arba. Meanwhile, the paid-up capital of MEGA is Rs. 16.1 Arba.
Hence, the total paid-up capital of the newly merged company will be Rs. 32.81 Arba. Likewise, 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.
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