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.