KATHMANDU, Jan 31: Sagarmatha Insurance Company (SIC) and Lumbini General Insurance Company (LGIC) on Tuesday signed a final agreement to merge.
SIC Chairman Ram Krishna Manandhar and LGIC Chairman Manohar Das Mool, in this regard, inked the agreement to take forward the merger process. SIC and LGIC have agreed to maintain a swap ratio at 100:80.
LGIC Chairman Mool will hold the position of chairman while current Chief Executive Officer of SIC Chunky Chhetry will work as the CEO of the merged entity. The unified entity will have a paid up capital of Rs 2.62 billion.