Mega Bank, with Tourism Dev Bank to undergo merger

Published On: December 20, 2017 02:45 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 20: The Special General Meeting of Mega Bank Nepal Limited has approved a proposal to merge with Tourism Development Bank. Issuing a statement on Tuesday, the commercial bank said that the board also approved the share swap ratio for the merger. Shareholders of Tourism Development Bank will get 0.95 unit share of the merged entity for their each share, according to the statement.

Mega Bank has paid-up capital of Rs 7.56 billion, while the paid-up capital of Tourism Development Bank is Rs 2.1 billion. The merged entity will have paid-up capital of Rs 9.47 billion, while its total deposit base and loan disbursement will be Rs 49.5 billion and Rs 45.59 billion, respectively, according to the statement. Likewise, it will have presence in 48 districts. The bank will have a network of 112 branch offices and 11 extension counters post-merger, according to the statement.

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