Himal Press 
KATHMANDU: Laxmi Bank Ltd and Sunrise Bank Ltd are commencing joint operations after their merger as Laxmi Sunrise Bank Ltd on Friday.
The two banks had signed a memorandum of understanding (MoU) on January 10 to proceed with the merger. They signed the final merger agreement on May 22. Both banks have agreed upon a 1:1 share swap ratio.
According to the agreement reached between the two banks, Ajaya Bikram Shah, the CEO of Laxmi Bank, will assume the role of CEO at Laxmi Sunrise Bank Ltd. The newly merged bank will have three directors each bank, while the chairman will be selected by the new board of directors.
Seventh merger in one year
This merger marks the seventh consolidation of Class ‘A’ banks in one year. Nabil Bank Ltd and Nepal Bangladesh Bank Ltd began joint operations as Nabil Bank Ltd on July 12 of last year. Similarly, Kumari Bank Ltd and NCC Bank Ltd completed their merger and commenced joint operations as Kumari Bank Ltd on January 1. Additionally, Global IME Bank and Bank of Kathmandu completed their merger and commenced joint operations as Global IME Bank on June 9. Prabhu Bank and Century Commercial Bank also merged and began integrated operations as Prabhu Bank Ltd on January 10.
Furthermore, Nepal Investment Bank Ltd and Mega Bank Ltd merged to form Nepal Investment Mega Bank Ltd on January 11. Similarly, Himalayan Bank Ltd successfully acquired Civil Bank Ltd and commenced operations as Himalayan Bank Ltd on February 24.
