Joint Transaction of Nepal Investment Mega Bank Limited Starts From Today; How Much is the Revamped Paid-Up Capital of the Company??

Merger between Mega Bank Nepal Limited (MEGA) and Nepal Investment Bank Limited (NIB) has been completed and the joint business of the two institutions has been started from today, Poush 27 i.e January 11, 2023. 

This bank, which has started integrated business with the slogan 'Moving together on the path of prosperity', has emphasized unity and excellence.

The company had signed a merger deal at a swap ratio of 100:90, implying that the number of shares of MEGA shareholders will decrease by 10%. "Nepal Investment Mega Bank Limited" has been agreed upon as the name of the new bank that will be formed as a result of the merger. NIB and MEGA had agreed to merge on Jestha 27.

In an event organized today in Kathmandu, Chairman of Nepal Investment Bank Limited Mr. Prithvi Bahadur Pandey and Chairman of Mega Bank Nepal Limited Mr. Bhoj Bahadur Shah jointly announced the launch of integrated business.

Both banks which are known as strong and capable organizations as leading banks in the banking sector, will be able to become one of the largest commercial banks in the country and gain leadership in all financial indicators. In addition, this merger has given more energy to the financial sector and also given more enthusiasm to the merger policy of Nepal Rastra Bank and inspired other banks to merge.

The share trading of "Nepal Investment Mega Bank Limited" has also been suspended for 15 days starting from today for the purpose of matching the shares of the target institution, re-registration of securities, dematerialization and listing of securities.

The total paid-up capital of the newly merged company will be Rs. 34.12 Arba, whereas the authorized capital will above Rs. 58 Arba. On the other hand, the total assets will be Rs. 4.71 Kharba, Total deposits Rs. 360.2 Arba and Total loans will be be Rs. 329.06 Arba, serving a total of 30 Lakh customers all over Nepal. 

Similarly, after the merger, the number of branches of the bank has increased to 296, extension counters to 59, branchless banking services to 109 and ATM network to 279. In the near future, the bank has committed to ensure financial access to every Nepali by expanding the branch network to cover all 77 districts of the country.