Global IME, Bank of Kathmandu ink merger agreement on an equal footing

KATHMANDU: Global IME Bank and Bank of Kathmandu (BoK) are all set to merge. An agreement on merger was reached between the two banks at Yak & Yati Hotel on Thursday morning.

The two banks have agreed to merge on an equal footing. The merger agreement has been signed by Global IME Bank Chairman Chandra Prasad Dhakal and Bank of Kathmandu Chairman Prakash Shrestha.

The merger agreement was reached between the two banks after the Nepal Rastra Bank announced that it would not provide any facility if banks do not ink merger agreement within mid-July.

Earlier, a merger agreement was reached between Nepal Investment Bank Limited and Mega Bank.

The merged entity between Global IME Bank and Bank of Kathmandu will be called Global IME BoK Bank. Ratna Raj Bajracharya of Global IME Bank will continue as the chief executive of the new bank.

With the merger, the bank’s paid-up capital will reach Rs 34.41 billion. In terms of capital, the bank will be the largest bank in the country after the merger.