Bank of Kathmandu and Lumbini Bank have completed the merger process and commenced their joint operation in the name of Bank of Kathmandu Lumbini Ltd. The corporate logo of Bank of Kathmandu Lumbini Ltd. was unveiled by the Governor of Nepal Rastra Bank, Dr Chiranjivi Nepal at a function held in Kathmandu recently. The two banks signed a Memorandum of Understanding last year for the merger and filed a joint application with NRB seeking consent for the same. “After the merger, the paid up capital of Bank of Kathmandu Lumbini has reached to Rs 4.57 billion,â€ states the press release adding, “The share swap ratio of 1:0.8281 agreed between the two banks has also resulted in capital reserve of Rs 0.39 billion in the books of the merged institution.â€
Satya Narayan Manandhar has been elected as Chairman and Ajay Shrestha as the CEO of Bank. The service of the Bank can now be availed from 74 branches, 63 ATMs, seven extension counters and 33 branchless banking points throughout the country.