Kathmandu, January 11
Nepal Investment Bank Ltd (NIBL) and Mega Bank have started joint operations from today following a successful merger between the two banks. Organising a press conference here today, the two banks officially announced the start of joint operations under the new name - Nepal Investment Mega Bank Ltd (NIMB).
Former chairman of NIBL, Prithvi Bahadur Pandé will now chair NIMB while Jyoti Prakash Pandey has been chosen as its chief executive officer (CEO). Likewise, Prajanaya Rajbhandary and Kabi Kumar Tibrewala from NIBL and Gopal Khanal, Madan Kumar Acharya, and Mukti Ram Pandey of Mega Bank have been chosen as new members of NIMB's executive committee.
On the occasion, NIMB Chairman Pandé expressed his belief that the merged entity will become one of the biggest merchant banks in the country following the start of joint operations. He said that the merger has increased the enthusiasm in the financial sector and he commended Nepal Rastra Bank's initiative to further support mergers which has also motivated other banks to do the same.
Similarly, Bhoj Bahadur Shah, former chairman of Mega Bank, said that the merger between the two banks is a positive move for the country's financial sector as well as the economy. He expressed his confidence that the merged bank will continue to uphold the name and principles of the two banks following the start of the joint operations through prioritisation and continuation of their successful traditions, culture, customer service, and management of employees, among others.
Following the establishment of the joint entity, the total paid-up capital of NIMB has reached Rs 34.12 billion.
Likewise, the bank's total deposit has reached Rs 360 billion while the total disbursed loan amount has reached Rs 329 billion.
Also, the total branch network of NIMB has reached 296, with 279 ATMs, 59 extension counters, and over three million customers.
The former central office of NIBL, located at Durbarmarg, in Kathmandu has been chosen as the new central office of NIMB.
Both banks had halted banking services provided by their respective offices and various branch offices on January 9 and 10 for data transfers, among other reasons.
The banks have resumed their services with the start of the joint operations under the NIMB from today.
A version of this article appears in the print on January 12, 2023, of The Himalayan Times.
