Kathmandu, 10 January: The Global IME Bank Limited (GIBL) has begun joint operation after the merger of the Bank of Kathmandu (BoK) from Monday. Prime Minister Pushpa Kamal Dahal inaugurated the joint operation of the bank at a special function.
Dahal said that banks and financial institutions’ role is vital to establish financial inclusion in the country and instrumental in for investment in mega projects with accumulated capital after merger.
Governor of the Nepal Rastra Bank (NRB) Maha Prasad Adhikari said the merger process was pursued following increasing unhealthy competition and operative expenditures of financial institutions.
Chairman of the GIBL said the Global IME had succeeded in becoming the largest bank in the country by merging and acquiring 21 various banks and financial institutions (BFIs) so far with the objective of bringing constructive and qualitative change in the BFI sector.
“This institution has been formed with the merger so far of five commercial and 10 development banks and six financial institutions. Global Bank has now become Nepal’s largest bank in terms of most financial indicators as capital, deposits, loans and branch network,” he said.
With the beginning joint operation, the GlBL has the total paid up capital of Rs 57 billion, the total deposit of Rs 410 billion, the total lending of Rs 400 billion, total net worth Rs 500 billion and 1,100 branches. The Bank stated that it also has three foreign liaison offices, besides its branches in all the districts within the country.
People’s News Monitoring Service
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