Kathmandu, 15 November: A final merger agreement has been signed between Global IME Bank Limited and Bank of Kathmandu Limited (BOK). The pact was signed by Chandra Prasad Dhakal, President, Global IME Bank, and Prakash Shrestha, President, BOK.
The final agreement was signed based on a 1:1 valuation report of movable/immovable assets, liabilities and transactions determined by the Board of Directors of both the banks.
After the merger, the bank’s total capital funds will reach over 57 billion, paid-up capital 35.77 billion, total deposits 400 billion, and total debt more than 379 billion. After the merger it would be the largest bank in Nepal in terms of total capital, paid-up capital and business size.
It has been agreed that the name of the new bank will be Global IME BOK Ltd. and the Board of Directors will consist of 5 persons including Chairman Chandra Prasad Dhakal on behalf of Global IME Bank and two persons from Bank of Kathmandu. Ratnaraj Bajracharya, the current CEO of Global IME Bank, will be the Chief Executive Officer of the bank.
After the merger of the two banks, GLOBAL IME BOK LTD will be the largest bank in the country with a total of 396 branch offices, 368 ATMs, 275 branchless banking services, 61 extended branch offices, three foreign liaison offices, over 4 million customers.
Speaking at the final agreement program of the merger, the Chairman of the Board of Directors of the Bank expressed their joint commitment that the Bank will bring new opportunities in the financial sector and take into account the interests of the customers, shareholders and all those directly or indirectly involved in the merger. Bank related.
Dhakal, President, Global IME Bank said that the banking sector will be developed according to the needs of the countryStating that Global IME Bank is always the first to follow the instructions of Nepal and Nepal Rastra Bank, he said that the final MoU for this merger was signed accordingly. He also expressed his commitment to make the new bank not only the biggest but the best in all respects.
Bank of Kathmandu President Shrestha said that the role of banks and financial institutions will be important in the economic development and prosperity of the country.
People’s News Monitoring Service
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