Laxmi Bank and Sunrise Bank sign final merger agreement

May 23, 2023 11:47 AM Merolagani

Laxmi Bank and Sunrise Bank have signed final agreement for merger amidst a program on May 23.

Issuing a press statement, the bank informed that the agreement was signed by Dinesh Poudyal, Director of Laxmi Bank and Er Bachh Raj Tater Director of Sunrise Bank.

According to the statement, 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 as Laxmi Sunrise Bank Ltd 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 shall elect the Chairman of the Board.

The final agreement will now be presented for approval from respective general meetings of both banks.

“The banks will start joint operation 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 operation by Ashadh end 2080 BS,” reads the statement.

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