Big Merger: Global IME Bank and Janata Bank signed to merge

Kathmandu, Oct 25 : The Chairmen of Global IME Bank and Janata Bank today signed the final agreement in Kathmandu to merge two private sector banks.

This was the biggest merger of two private sector banks in Nepal so far. The Global IME Bank Chairman Mr Chandra Prasad Dhakal and Janata Bank Chairman Keshav Bahadur Rayamajhi signed the agreement on behalf of their respective banks.

The name of the new bank will be Global IME Bank. The newly restructured bank will operate integrated functions very shortly after the final approval from Nepal Rastra Bank.

It is decided that the Chairman of the Bank will be Mr Chandra Prasad Dhakal and the number of Board of Directors will be as 5 from Global Bank and 2 from Janata Bank.

The bank has published notice of Annual General Meeting as well to approve the merger process.

Mr Parshuram Kunwar Chhetri will be CEO and Mahesh Sharma Dhakal, the acting CEO of Global IME Bank, will be Senior Deputy CEO of the bank.

After the merger, the Bank’s total paid up capital will be NRs 19 billion, total deposit NRs 212 billion and total investment NRs 200 billion.

The new bank will have a network of more than 300 branches and more than 3,250 staff.

On the signing ceremony, Chairman of the Global IME Bank, Mr Dhakal emphasized that the new merger of two financial institution is an exemplary work and respect of the government’s policy on big merger of financial institution.

Similarly, Chairman of the Janata Bank, Keshav Bahadur Rayamajhi, also applauded the speedy progress on merging two institutions within a short span of time.