July 23: Mega Bank has announced to open its headquarters in all seven provinces in the new federal setup. Mega Bank’s Chairman Bhoj Bahadur Shah made such announcement during the seventh anniversary of the bank held at its central office in Kamaladi on July 22.

Shah informed that the provincial headquarters of the bank has already been initiated from Butwal in Province 5. He further announced that the bank is in the process of merger with Tourism Development Bank and claimed that Mega Bank will become one of the banks with highest capital after the merger.

“The merger with Tourism Development Bank will get completed within this fiscal year,” said Shah.

Mega Bank’s CEO Anil Keshari Shah informed that the bank plans open 20 new branches in the next fiscal year. Stating that the recent local level elections have opened new doors of economic potential, CEO Shah said that the bank will capitalize on it by expanding its branches in the new municipalities and rural municipalities.

He further informed that the bank has already initiated the process to issue 65 percent rights shares to its shareholders. According to him, around 20 million units of shares each worth Rs 100 will be issued to the shareholders.

CEO Shah also shed light of the bank assurance plan in coordination with Nepal Life Insurance Company and other insurance companies in the near future.

In the last fiscal year, the bank’s deposit collection rose by Rs 8 billion to a total of Rs 39 billion while its loan flow has also increased by Rs 7.4 billion. The bank has around 260,000 account holders, 47 branches, one extension counter, 58 ATM outlets and provides branchless service from 58 places.