Joint Transaction of Laxmi Bank and Sunrise Bank to Start From Ashad 29; Branch Offices of Both Institutions To Close For 2 Days

Laxmi Bank Limited (LBL) and Sunrise Bank Limited (SRBL), a licensed financial institution of the "A" category from Nepal Rastra Bank (NRB) have completed the final merger procedure.

In accordance with the letter from the NRB, SEBON, and the Office of the Registrar of Companies, the merger has also gained final permission. The Memorandum of Understanding (MoU) agreement had been signed between the two banks on Poush 25, 2079. Earlier, both companies had called their respective SGM to endorse a share swap ratio of 1: 1 for the merger.

As of now, the paid-up capital of LBL is Rs. 11.55 Arba whereas the paid-up capital of SRBL is Rs. 10.11 Arba. The total paid-up capital will reach Rs. 21.66 Arba after the merger.

"Laxmi Sunrise Bank Limited" has been agreed upon as the name of the new company that will be formed as a result of the merger. After the merger, the central office of the bank will be located in Hattisar.

Also, since the integrated business will start from Ashad 29, all branch offices of both institutions will remain closed for 2 days i.e. 27th and 28th Ashad, for data migration and other purposes.

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