Laxmi Bank and Sunrise Bank have signed the final agreement for a merger. 

The agreement was signed by Dinesh Poudyal, director of Laxmi Bank and Er Bachh Raj Tater, director of Sunrise Bank. 

The banks have agreed to merge at a swap ratio of 1:1 as per the recommendation received from Due Diligence Auditor. 

The merged bank will be named Laxmi Sunrise Bank Ltd and Ajaya Bikram Shah, the current CEO of Laxmi Bank will be the CEO of the merged bank. 

The first meeting of the Board of Directors of the merged entity will elect the Chairman of the Board, reads a press release issued by the bank. (PR)