Chairman of Nepal Investment Mega Bank Ltd (NIMBL) Prithvi Bahadur Pande inaugurated the joint operation today amid a function at Hotel Aloft in Thamel amid a function.

After the merger between Nepal Investment Bank Limited (NIBL) and Mega Bank, joint operation started from today under the name of Nepal Investment Mega Bank Limited.

“All banking services of both NIBL and Mega bank closed on January 9 and 10 for data migration to start joint operation after the merger of banks.

Addressing the press meet, newly elected chairman of NIMBL Pande said that the merger with the Mega Bank will open new opportunities for investment.

Chairman Pande also thanked Nepal Rastra Bank for taking a bold decision, encouraging banks to merger. “This is the needs of the hour to further strengthen the financial sector.”

“The bank is now the no 1 in some areas and no 2 in others. Our aim will be to remain in top 3,” said chairman Pande. He said that Nepal needs to go for another round of merger to shorten the numbers of bank saying Nepal to limit the number of commercial bank up to 7.

Addressing the press meet, Bhoj Bahadur Shah of Mega Bank Ltd expressed happiness over the merger and expressed commitments to work strongly in the market.

The paid off capital of the NIMBL is over 35 billion. The NIBL’s paid-up capital is Rs 18.31 billion whereas Mega’s is Rs 16.2 billion. The NIBL has a loan portfolio of Rs 173.46 billion while Mega has loans of Rs 150.46 billion. Deposit collection of NIBL stands at Rs182.01 billion and Mega’s deposit it to the tune of Rs 152.08 billion.

As Pande is the Chairman of the bank, Jyoti Pandey the Chief Executive Officer of Nepal Investment Mega Bank Limited.

As of Ashad’s end 2079 BS, Nepal Investment Bank Limited has the paid up capital of Rs. 18.31 billion while Mega Bank Limited has a paid-up capital of Rs. 16.12 billion. Likewise, the reserve and fund of Nepal Investment Bank Ltd. is Rs. 14.82 billion and Mega Bank Nepal Limited has a reserve of Rs. 5.92 billion. The swap ratio for the merger has been agreed at 100:90. This means that every hundred shares of Mega Bank will convert into 90 shares of the new bank formed after the merger.

Similarly, NIBL has a loan portfolio of Rs. 173.46 billion and MEGA has loans of Rs. 150.46 billion. On the other hand, deposit collection of NIBL stood at Rs. 182.01 billion, while Mega Bank Nepal Limited has a total deposit collection of Rs. 152.08 billion.