Laxmi & Sunrise Bank signed an agreement to merge
The signing ceremony was attended by members of Board of Directors, major shareholders, Chief Executive Officers and other executives from both the banks.
KATHMANDU: Laxmi Bank and Sunrise Bank have signed a Memorandum of Understanding (MOU) to undertake merger between the two banks.
The agreement was signed amidst a ceremony today by Mr. Raman Nepal, Chairperson of Laxmi Bank and Mr. Motilal Dugar, Chairperson of Sunrise Bank.
The signing ceremony was attended by members of Board of Directors, major shareholders, Chief Executive Officers and other executives from both the banks.
A Joint Merger Committee has also been formed to take the merger process further. The Joint Merger Committee comprises of directors Dr. Manish Thapa and Mrs. Swati Roongta from Laxmi Bank and directors Mrs. Sharada Sharma and Mr. Deepak Nepal from Sunrise Bank. A Due Diligence Auditor will soon be appointed for detailed due diligence audit of both the Banks.
The merger process will formally commence after receipt of Letter of Intent from Nepal Rastra Bank and is expected to complete by the end of the current fiscal year.
