Kathmandu, April 25

Pashchimanchal Development Bank Ltd, with its central office at Rupandehi, has formally merged with Mega Bank Nepal Ltd.

Speaking during a programme to mark the merger today, Governor Chiranjibi Nepal expressed belief that the merger was a step towards progress and growth, as per a media release.

Bhoj Bahadur Shah, chairman of Mega Bank Nepal Ltd, informed that the 14 branches of Pashchimanchal Development Bank Ltd have merged with Mega Bank Nepal Ltd and started joint transactions from today.

He further added that the swap ratio was finalised at Rs 104.25 per share for Mega Bank Nepal Ltd and Rs 67 per share for Pashchimanchal Development Bank Ltd.

This is the first of the planned mergers for Mega Bank Nepal Ltd and the merger has enthused and uplifted the spirits of the entire Mega Bank family, the release adds.

CEO of Mega Bank Nepal Ltd, Anil Keshary Shah declared that this was the beginning of the institution moving forwards to a regional structured system and committed to establish regional centres in all regions of the nation in the imminent future. The beginning of this mega plan is being initiated with the establishment of the bank’s first regional centre in Butwal.

With the addition of 14 branches of Pashchimanchal Development Bank Ltd, the total branches of Mega Bank Ltd has now reached 44. With this merger, Mega Bank Nepal Ltd is now able to extend its service delivery network to areas of Palpa, Nawalparasi, Kapilvastu and Syangja districts in the western region.

Mega Bank Nepal Ltd now has capital fund of Rs 3.24 billion, deposit of Rs 31 billion and credit portfolio of Rs 25.5 billion. It now also has 53 branchless banking outlets, 45 Mega money machines, 1,350 Mega remittance centres and one extension counter.