Kathmandu, Lakshmi Bank and Sunrise Bank are going to start an integrated business on June 28. Manis Thapa, the owner of Lakshmi Bank, has informed that the date of the integrated business has been fixed for the 28th, as the bank has to be closed at the time of tax payment, but the integrated business was scheduled to start on the 24th.
Till now, Nepal Rastra Bank has not given the final approval for the merger of both banks. Thapa, director of Lakshmi, said that the National Bank is preparing to give final approval for the merger within the next two days. According to Thapa, the integrated business will be started after receiving approval from the National Bank.
Thus, the issue of what to name the new bank that will be formed after the merger of both banks has not yet been decided. Although there is an agreement to name the merged bank as Lakshmi Sunrise Bank, there is a possibility that the National Bank will intervene and change the name of the bank to Lakshmi Bank based on the new performance, said one of the directors of the bank.
Ajay Bahadur Shah, the current CEO of Lakshmi Bank, will be appointed in the new bank that will be formed after the merger. After the merger, a 7-member board of directors will be formed, with 4 members from Lakshmi and 3 members from Sunrise until the first general meeting. From Lakshmi Bank, the current chairman Raman Nepal, directors Dr. Manish Thapa, Swati Rungta and Vidya Basnet will be the directors. Similarly, the current chairman Motilal Dugad, Engineer Bachraj Tated and Malchand Dugad will become directors from Sunrise Bank.
The general meeting held on June 3 of both the banks has already passed the special resolution for the merger.
