Kathmandu: The integrated business of Global IME Bank and Bank of Kathmandu (BOK) will take place from January 9.
Nepal Rastra Bank gave the final approval for the merger after both the banks passed the proposal regarding merger between them in the general assembly.
The bank’s name will be Global IME Bank.
Global IME Bank and Bank of Kathmandu have decided to merge with a swap ratio of one equal to one share. Shareholders who have 100 shares of Bank of Kathmandu will receive 100 shares of Global IME Bank after the merger.
The paid-up capital of the bank formed after the merger will reach Rs 34.41 billion. Based on the bank’s financial statements, after the merger, the bank’s deposits will reach Rs.380.52 billion and loans will reach Rs.362.40 billion. After the merger, the bank’s branch network will reach 365 and ATMs will reach 328.
Ratnaraj Bajracharya, CEO of Global IME Bank, will be the Chief Executive Officer (CEO) of the merged bank.
Bank of Kathmandu CEO Shrawan Lal Maske will become Senior Deputy Chief Executive Officer (DCEO).
It was agreed that the board of directors of the bank will consist of five members from Global IME Bank, including Chairman Chandra Prasad Dhakal, and two members from Bank of Kathmandu.
Three days off service
Bank of Kathmandu Limited will close its services for three days before the integrated business on January 9.
