Previously, the board of directors meeting of both banks has already approved the merger agreement. The banks are merging with a swap ratio of 1:1.
The joint entity will be chaired by Prithwi Pandey, Chairman of Nepal Investment Bank. Similarly, the joint entity will have Ashok Rana, CEO of Himalayan Bank as CEO. Moreover, the post of deputy CEO will be held by Jyoti Pandey, CEO of Nepal Investment Bank.
After the merger, the bank will be the biggest bank in terms of Deposit, loan extensions and paid-up capital. The joint entity will be named as Himalayan Investment Bank.
