NRB Gives Final Approval to the Merger of Mega Bank and Nepal Investment Bank; Joint Operation to Begin Soon

Nepal Rastra Bank (NRB) has given final approval for the merger of Mega Bank Nepal Limited (MEGA) and Nepal Investment Bank Limited (NIB).

The letter issued by NRB dated Poush 17 provided final approval to the banks to go for merger.

NIB and MEGA had agreed to merge on Jestha 27. The name of the merged institution will be Nepal Investment Mega Bank Limited. It has been agreed that Mr Prithvi Bahadur Pande and Jyoti Prakash Pandey will be the Chairman and CEO of Nepal Investment Mega Bank. Both the banks had signed a merger deal in a ratio of 100:90.

The paid-up capital of NIB at the present is Rs. 18.3 Arba. Meanwhile, the paid-up capital of MEGA is Rs. 16.1 Arba. The total paid-up capital of the newly merged company will be Rs. 32.81 Arba.

Immediately after the joint operation, there will be 295 branches. The bank will also have 271 ATM terminals, 46 extension counters, and 118 branchless banking points. Also, there will be 10 revenue collection counters in the bank. 

NIB and Mega bank also declared dividend of 11% and 7.79% respectively for the Fiscal Year 2078/79.