Global IME Bank Limited (GIBL) and Bank of Kathmandu (BoK), which are in the process of merger, have sought final approval from Nepal Rastra Bank (NRB).
For the final approval of the merger purposes, the two banks on Wednesday jointly filed an application at the NRB. GIBL Chairman Chandra Prasad Dhakal and BoK Chairman Prakash Shrestha forwarded the application to NRB Governor Maha Prasad Adhikari.
On June 16, GIBL and BoK inked a Memorandum of Understanding for merger, while the final agreement was signed on November 14.
The annual general meeting of both the banks held on December 9 endorsed the merger plan. Both the banks have consented to unify by maintaining a swap ratio of 1:1.
It has been agreed that following the merger, the new entity to be formed will be named ‘Global IME BoK Limited.’ It will have a paid-up capital of Rs 34.41 billion, which will be the largest among the capital bases of commercial banks. Likewise, the reserve fund will reach Rs 17.87 billion.
