Kathmandu: Currently, Global IME Bank is the biggest bank in Nepal in terms of capital. It has a paid-up capital of Rs 23.79 billion. But, becoming the number one bank was a roller-coaster ride.
Established in 2007 as an ‘A’ class commercial bank, it has come a long way since.
The Global IME has been formed by mergers and acquisitions of 18 banks and financial institutions in the last 10 years. The largest bank is a combination of three commercial banks, 10 development banks, and five finance companies.
Several banks have become part of Global IME through mergers. Two ‘B’ class development banks–Social Development Bank and Gulmi Bikas Bank–merged with Global IME Bank Ltd. Later, the Global IME Bank merged with Commerz and Trust Bank Nepal Ltd. Likewise, in 2015, Global IME Bank acquired Pacific Development Bank and Reliable Development Bank.
Similarly, following the central bank’s policy, the bank, in 2019, acquired Hathway Finance Limited and Janata Bank Nepal Limited into it. The merger between Janata Bank and Global IME Bank made the merged entity the biggest bank of Nepal in terms of capital.
The bank is aggressively working towards digitization. It has already adopted the ‘Vision-2025’, under which the bank plans to double the business. The use of modern technologies and digitization are the bases for doubling the business in the next five years, according to the bank.
In just one and a half decades of its establishment, Global IME is competing with decades-old banks. As per the annual report of Fiscal Year 2077/2078, the bank has captured almost 7 percent of the market. It has a credit flow of Rs 242 billion, which is 6.52 percent of the total credit of commercial banks.
Likewise, the deposit stands at Rs 283 billion, which is 6.74 percent of the total deposit in commercial banks. In the last fiscal year, the bank earned a net profit of Rs 4.16 billion. It distributed a 13 percent bonus to its shareholders.
The bank already has three million customers, and according to the bank, the plan is to increase the number to two million in the next few years.
The bank is operating 287 branches, 50 extension and revenue collection counters, and 274 branchless banking facilities across the country. The bank also operates 252 ATMs throughout the country. With its representative offices already established in India, the UK, and Australia, the bank is mulling to expand its overseas presence in a few other countries.