Kathmandu: Global IME Bank has emerged as the leading tax-paying bank among commercial banks in Nepal, contributing a whopping Rs. 5.43 billion to the state coffers in the last fiscal year..
Currently, Global IME Bank is the biggest bank in Nepal in terms of capital. It has a paid-up capital of Rs 35.77 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 21 banks and financial institutions in the last 10 years.
The largest bank is a combination of four 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.
Then in 2023, the bank merged with Bank of Kathmandu, again making the merged entity the largest commercial bank in Nepal.
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 the last fiscal year, the bank earned a profit of whooping Rs 7.25 billion. The bank has its network expanded in all the 77 districts of Nepal with 359 branches, 362 ATM counters, 322 branchless units, and 64 extension counters. The bank also has representative offices in London (UK), New Delhi (India), and Sydney (Australia), maintaining three international contact points.
The bank has more than four million customers, and more than 4,000 employees.
Comment