Global IME AGM endorses merger with Bank of Kathmandu

NL Today

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Kathmandu: The 16th annual general meeting of Global IME Bank concluded on Friday, with a decision to merge Bank of Kathmandu (BoK).

The AGM unanimously endorsed the merger plan presented by its board of directors.

The AGM has also endorsed the initial understanding of maintaining  the swap ratio of 1:1, the exchange rate of the shares of the companies.

The name of the merged entity will be named Global IME BoK Ltd. 

The total capital of the new bank will be Rs 52.29 billion and the paid-up capital will be Rs 34.41 billion. The total deposits and loans of the new bank will be Rs 384 billion and Rs 380 billion, respectively.

Both of these banks have 385 branches, 367 ATM counters, 275 branchless banking services and three contact offices in the foreign countries. Both of the banks have a customer base of 3.7 million.