Himal Press 
KATHMANDU: In yet another amalgamation of Class ‘A’ financial institutions in Nepal, Laxmi Bank Ltd and Sunrise Bank Ltd have signed an agreement to undergo a merger.
Dinesh Poudyal, director of Laxmi Bank Ltd, and Bachchharaj Tatted, director of Sunrise Bank Ltd, Monday signed an agreement for the merger on behalf of their respective institutions.
The two financial institutions have agreed on a 1:1 share ratio. Likewise, they have agreed to name the merged entity Laxmi Sunrise Bank Ltd. Laxmi CEO Ajaya Bikram Shah will become the CEO of Laxmi Sunrise Bank Ltd.
This means Sunrise Bank’s CEO Suman Sharma will exit the company.
Likewise, the board of directors of Laxmi Sunrise Bank has three members from each bank, while the two banks have agreed to name one independent director later on. The first meeting of the board of directors of Laxmi Sunrise Bank Ltd will select its chairman.
Laxmi Bank has a paid-up capital of Rs 11.55 billion, while Sunrise’s paid-up capital is Rs 10.12 billion. After the merger, Laxmi Sunrise Bank Ltd will have a paid-up capital of Rs 21.67 billion.
The number of Class ‘A’ banks in the country will come down to 20 after the merger of these two banks.
