KATHMANDU: Laxmi Bank's special general meeting (SGM) was held here on Sunday.
The SGM approved the special proposal of merger between Laxmi Bank Ltd and Sunrise Bank LTd at a share swap ratio of 1:1.
The meeting also ratified the final merger agreement and approved necessary amendments in the bank's Article of Association and Memorandum of Association to incorporate the increment in capital and change in structure of board of directors post the merger, as per a press statement.
The bank plans to start joint operation within the current fiscal year following final approvals from Nepal Rastra Bank and the Office of the Company Registrar.
A version of this article appears in the print on June 19, 2023, of The Himalayan Times.
