July 11: Laxmi Bank Limited and Sunrise Bank Limited have completed the merger process and will start joint operation from July 14.The final agreement for the merger was reached on June 23. The Nepal Rastra Bank provided the final approval for the merger on July 7.

The Office of the Company Registrar had granted final approval for the merger on July 9. The Securities Board of Nepal provided approval on July 10.

With the completion of all processes, the joint transaction of the two banks will start in the name of “Laxmi Sunrise Bnak Limited”. Banking services from all branches will be suspended for data migration and other purposes on July 12 and 13.

The two banks had gone into merger with a swap ration of 1:1. Currently, Laxmi Bank has capital of Rs 11 billion 55 crores, while Sunrise Bank has paid-up capital of Rs10 billion 11 crores.

After the merger, the total capital will increase to more than Rs 21 billion 66 crores.