By Our Reporter
After the merger between Nepal Investment Bank Limited (NIBL) and Mega Bank, joint operations started on January 11 under the name of Nepal Investment Mega Bank Limited.
Amidst a special ceremony on 11 January, NIBL’s chairman Prithivi Bahadur Pande’ and Mega Bank’s chairman Bhoj Bahadur Shah jointly inaugurated the joint operation of the bank.
Prithvi Bahadur Pande will be the Chairman and Jyoti Pandey the Chief Executive Officer of Nepal Investment Mega Bank Limited.
Rrajanya Rajbhandari, and Kabikumar Tibdewala will represent as the board of directors from NIBL, whereas, Gopal Khanal, Madan Kumar Acharya and Muktiram Pande will represent the board of directors from Mega Bank.
The swap ratio of the shares of the two banks is 100: 90.
“All banking services of both NIBL and Mega Bank remained closed on January 9 and 10 for data migration to start joint operation after the merger of banks,” said the bank in a notice released on Friday.
NIBL’s paid-up capital is Rs 18.31 billion whereas Mega’s is Rs 16.2 billion. The NIBL has a loan portfolio of Rs 173.46 billion while Mega has loans of Rs 150.46 billion. The deposit collection of NIBL stands at Rs182.01 billion and Mega’s deposit is to the tune of Rs 152.08 billion.
After the merger, the NIMB emerged as one of the largest banks in the country.
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