Global IME Bank and Bank of Kathmandu seek central bank’s approval to conclude merger

NL Today

  • Read Time < 1

Kathmandu: Global IME Bank Limited (GIBL) and Bank of Kathmandu (BoK), which are in the process of merger, have sought the final approval from the central bank. 

For the same, the two banks on Wednesday jointly filed an application at the Nepal Rastra Bank–the central bank. The application was filed by Chandra Prasad Dhakal, chair of Global IME Bank Ltd, and Prakash Shrestha, chair of Bank of Kathmandu (BoK), forwarded the application to Maha Prasad Adhikari, governor of central bank. 

The new entity to be formed will be named ‘Global IME BoK Limited.’ It will have a paid-up capital of Rs 34.41 billion, which will be the largest among the capital bases of the commercial banks. Likewise, the reserve fund will reach Rs 17.87 billion.