Global IME and Commerz and Trust to merge

In what turned out to be the second bank to bank merger, Global IME Bank and Commmerz and Trust Bank agreed to become one on Sunday. Global IME Bank Chairman Chandra Prasad Dhakal and his counterpart from Commerz and Trust Bank Shovakar Neupane signed a memorandum of understanding to that effect, a statement from Global IME said.

Following the move, the new bank will operate as Global IME Bank with its CEO Ratna Raj Bajrachaya retaining the position in the merged entity, the statement said.

The paid up capital of the merged entity will be Rs 4.41 billion. Its deposit base will reach Rs 48 billion and lending will be Rs 39 billion.

It will have 87 branches, seven extension counters, 17 branchless banking units, 80 ATM counters. The bank will have a customer base of 451,000 and a total of 1,050 employees.

Global IME bank has been in merger drive since last year. A merger between Global Bank and IME Financial Institution—both promoted by the same group—a year ago to become Global IME Bank was followed by another tie-up between Lord Buddha Finance, Social Development Bank and Gulmi Development Bank.

The Global IME said that both banks entered into the merger process due to stiff competition in the financial market.

source: the kathmandu post,11 Nov 2013
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