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Mega Bank Nepal, Tourism Development Bank complete merger

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Mega Bank Nepal, Tourism Development Bank complete merger

Mega Bank Nepal Ltd. and Tourism Development Bank Ltd. completed their proposed merger, ShareSansar reported May 4.

The completion comes after the deal received final approval from the Nepal Rastra Bank and the country's Office of Company Registrar. The merger was finalized at 100 rupees per share of Mega Bank Nepal and 95 rupees per share of Tourism Development Bank, the report said.

Mega Bank Ltd., the newly formed company following the merger, will commence operations May 13 with a paid-up capital of about 10.50 billion rupees. It will also have 2.33 billion reserves, 1,000 employees, 102 branches and 22 extension counters across the country.

The deal was announced in January 2017.

As of May 4, US$1 was equivalent to 106.65 Nepalese rupees.