Kathmandu. Three commercial banks, which have completed the AGM, are ready to go for merger. The AGM has approved the merger of Nabil Bank, Prime Commercial Bank and Nepal SBI Bank.

The three banks have approved a proposal to give full powers to the Board of Directors to proceed with the merger and acquisition process in the coming days.

According to the proposal approved by the AGM, these banks will follow all the necessary procedures before taking the decision of merger or acquisition among themselves or with any other bank or financial institution. In addition, the Board of Directors has been given authority to carry out all legal, technical and policy works related to merger or acquisition.

Currently, mergers and acquisitions are being prioritized with the objective of reducing the cost of banking, strengthening capital base and making service expansion effective.