Laxmi Bank Limited and Sunrise Bank Limited have recently started joint transaction. Following their merger, the two banks have started operating under the name "Laxmi Sunrise Bank Limited". The final agreement for the merger between the two banks was reached on May 22.
Earlier, the merger proposal was approved by the respective general assemblies of both banks. Additionally, the Nepal Rastra Bank had granted its final approval for the merger on July 7. The central office of the merged entity will be located in Hattisar, Kathmandu. The two banks had merged with swap ration of 1:1.
Laxmi Bank's paid-up capital has a paid-up capital of Rs 11.55 billion, while Sunrise Bank's capital stands at Rs 10.11 billion. After the merger, the combined paid-up capital will be over Rs 21.66 billion.