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Mega Bank Nepal board approves swap ratio for Tourism Development Bank deal

Mega Bank Nepal Ltd.'s board approved the share swap ratio for its proposed merger with Tourism Development Bank Ltd, Republica reported Dec. 20, citing a statement.

Under the merger scheme, 0.95 share of the merged entity will be issued for each share of Tourism Development Bank.

The lender also obtained shareholder approval for the deal at a special general meeting.

The merged entity will have a paid-up capital of 9.47 billion Nepalese rupees, and will have a network of 112 branch offices and 11 extension counters.

The two banks entered into the deal in January.

As of Dec. 20, US$1 was equivalent to 102.54 Nepalese rupees.