May 23: Two commercial banks-Laxmi Bank and Sunrise Bank limited- have reached a final agreement for a merger. Amidst a programme organized on Monday, the final agreement for the merger of the two banks was signed. 

Based on the due diligence report, both banks will merge in a 1:1 swap ratio. After the merger, the name of the merged entity will be Laxmi Sunrise Bank Limited.

Ajay Bikram Shah, the current Chief Executive Officer of Laxmi Bank, will become the CEO of the merged bank, while the first meeting of the Board of Directors will select the Chairman of the Board of Directors of the merged entity. 

Once the merger is approved by the General Assemblies of both banks and accepted by the Nepal Rastra Bank and the Office of the Company Registrar, the joint operations will commence. The goal is to start integrated business operations within the month of Asar. 

Prior to this, the Chairman of Laxmi Bank, Raman Nepal, and the Chairman of Sunrise Bank, Motilal Dugad, had signed the initial agreement for the merger on 25th Poush, 2079. 

Dr. Manish Thapa and Swati Rungta represent Laxmi Bank, while Sharada Sharma and Deepak Nepal represent Sunrise Bank in the Joint Merger Committee.