Pashchimanchal Development Bank Limited merges with Mega Bank

kamal Rayamajhi

Bhairahawa, 13^th Baisakh. Pashchimanchal Development Bank Limited with its central office at Rupandehi has formally merged with Mega Bank Nepal Limited.

The merger was marked with a ceremony held in attendance of Honorable Governor Dr. Chiranjibi Nepal as Chief Guest. Speaking at the function, Governor Nepal extended his felicitations to the merged financial institutions on their joint transactions and expressed his belief that the merger was a step towards progress and growth. He encouraged the merged institutions to move forward and enhance their business especially in productive sectors to lead Nepal on the path to economic independence and self sufficiency.

Mr. Bhoj Bahadur Shah, Chairman of Mega Bank Nepal Limited informed that the 14 Branches of Pashchimanchal Development Bank Limited have merged with Mega Bank Nepal Limited and started joint transactions from today. He further added that the swap ratio was finalized at NPR 104.25 per share for Mega Bank Nepal Limited and NPR 67.00 per share for Pashchimanchal Development Bank Limited. This is the first of the planned mergers for Mega Bank Nepal Limited and the merger has enthused and uplifted the spirits of the entire Mega Bank family.

CEO of Mega Bank Nepal limited, Mr. Anil Keshary Shah declared that this was the beginning of the institution moving forwards to a regional structured system and committed to establish regional centers in all regions of the nation in the imminent future. The beginning of this Mega plan is being initiated with the establishment of our first regional center in Butwal, Rupandehi, Nepal. The regional center in Butwal is being established in line with our ethos of inclusive banking for the entire nation and to further enhance our reach in the Western region of our nation. “With this merger the road ahead for further mergers of Mega Bank Nepal Limited is been cleared.” Mr. Shah added.

After addition of 14 branches of Pashchimanchal Development Bank Limited, the total branches of Mega Bank Limited has now reached 44 branches and further enhanced our ability to deliver quality services to our current and future clientele. With this merger Mega Bank Nepal Limited is now able to extend its service delivery network to areas of Palpa, Nawalparasi, Kapilvastu and Syangja districts in the Western region of our nation.

With this merger Mega Bank Nepal Limited has capital fund of NPR 3.24 billion, deposit of NPR 31 billion and credit portfolio of NPR 25.5 billion. It now has 44 branches, 53 Branchless Banking outlets, 45 Mega Money Machines, 1350 Mega Remittance Centers and one extension counter.