The integrated operation of merged Commerz and Trust Bank Nepal and Global IME Bank is slated to begin from the first week of April.
“We have completed almost all the required procedures and are waiting for the final approval from the central bank,” informed CEO of Commerz and Trust Bank Nepal (CTBN) Anal Raj Bhattarai, adding that the banks are expecting Nepal Rastra Bank (NRB) to grant the approval within this week.
“If everything goes as planned, we will start operation as one bank by April 6 or 7,” said Bhattarai.
The two banks had officially begun the process to merge as a class ‘A’ commercial bank back in November 2013. “The major tasks like getting approval for the merger from shareholders of both banks, getting Due Diligence Audit, and determining share swap ratio and completing necessary paperwork have already been done, so once NRB grants approval, we will immediately integrate our operation system,” he said.
Following the merger, existing CEO of Global IME Bank Ratna Raj Bajracharya will be the CEO of the new bank while Bhattarai will be stepping down. Likewise, the merged entity will be known as Global IME Bank only. The banks have fixed 100:65 swap ratio for the shares, that is, 100 units of Global IME Bank will be equivalent to 100 units of shares of the new bank whereas 100 units of Commerz and Trust Bank will be equal to 65 units of the new bank.
Following the merger, the bank will become the second largest bank in terms of capital base with a paid up capital of Rs 4.1 billion. Likewise, its total deposit and lending will be higher than Rs 46 billion and Rs 40 billion, respectively.
Likewise, the customer base is also expected to grow to more than 450,000, who will be served by 1,000 plus employees across the bank’s 87 branches and seven extension counters.
This is the second merger between class ‘A’ commercial banks in the Nepali banking history. Back in July 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank.
Global’s new acquisition
Global IME Bank has acquired Elite Capital Ltd as its merchant banking subsidiary. Following the acquisition the merchant banker has become a merchant banking subsidiary of the commercial bank and is to be named Global IME Capital. The company had already sought the approval of Office of Company Registrar back in early March for the acquisition. Global IME Bank’s chairman Chandra Dhakal had also been undertaking the role of chairman of Elite Capital’s board since some time. Merchant bankers can provide services such as issue management, share registrar, issue underwriter, portfolio managers and mutual fund managers.
source: the himalayan times, 26 march 2014
LINK
“We have completed almost all the required procedures and are waiting for the final approval from the central bank,” informed CEO of Commerz and Trust Bank Nepal (CTBN) Anal Raj Bhattarai, adding that the banks are expecting Nepal Rastra Bank (NRB) to grant the approval within this week.
“If everything goes as planned, we will start operation as one bank by April 6 or 7,” said Bhattarai.
The two banks had officially begun the process to merge as a class ‘A’ commercial bank back in November 2013. “The major tasks like getting approval for the merger from shareholders of both banks, getting Due Diligence Audit, and determining share swap ratio and completing necessary paperwork have already been done, so once NRB grants approval, we will immediately integrate our operation system,” he said.
Following the merger, existing CEO of Global IME Bank Ratna Raj Bajracharya will be the CEO of the new bank while Bhattarai will be stepping down. Likewise, the merged entity will be known as Global IME Bank only. The banks have fixed 100:65 swap ratio for the shares, that is, 100 units of Global IME Bank will be equivalent to 100 units of shares of the new bank whereas 100 units of Commerz and Trust Bank will be equal to 65 units of the new bank.
Following the merger, the bank will become the second largest bank in terms of capital base with a paid up capital of Rs 4.1 billion. Likewise, its total deposit and lending will be higher than Rs 46 billion and Rs 40 billion, respectively.
Likewise, the customer base is also expected to grow to more than 450,000, who will be served by 1,000 plus employees across the bank’s 87 branches and seven extension counters.
This is the second merger between class ‘A’ commercial banks in the Nepali banking history. Back in July 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank.
Global’s new acquisition
Global IME Bank has acquired Elite Capital Ltd as its merchant banking subsidiary. Following the acquisition the merchant banker has become a merchant banking subsidiary of the commercial bank and is to be named Global IME Capital. The company had already sought the approval of Office of Company Registrar back in early March for the acquisition. Global IME Bank’s chairman Chandra Dhakal had also been undertaking the role of chairman of Elite Capital’s board since some time. Merchant bankers can provide services such as issue management, share registrar, issue underwriter, portfolio managers and mutual fund managers.
source: the himalayan times, 26 march 2014
LINK
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