The Nepal Weekly 
January 10, 2023
Global IME Bank and Bank of Kathmandu (BoK) started their joint operation under the name ‘Global IME Bank Ltd’ with effective from January 9, Monday.
Prime Minister Pushpa Kamal Dahal initiated the integrated business action of the two banks with a single name. After successful merger between the two banks, now Global IME Bank has become the biggest banks in the country. Following the merger, the bank’s total capital reached Rs 57 billion, paid-up capital Rs 35.77 billion with total deposits of Rs 408 billion and loans of Rs 376 billion. Inaugurating the integrated initiation of business, PM Dahal expressed happiness on the merger of two active commercial banks of the country to create synergy in economic development. The government has serious commitments on this matter, the PM stressed.
Chandra Prasad Dhakal, chairperson of the bank said that the bank now being the biggest has bigger responsibility too. The bank has invested in the industrial sector including tourism development. It will continue focus supporting on industrial development, he added. Nepal Rastra Bank Governor Maha Prasad Adhikari said that there were 247 banks and financial institutions licensed to operate in the past. But due to unhealthy competitions among themselves the central bank enforced provisions of merger. Consequently, now there are 68 such institutions. After growing to bigger in size and business banks should focus on production oriented invests, he opined. Chairman of BoK Prakash Shrestha, president of Federation of Nepalese Chamber of Commerce and Industries Shekhar Golchhaand others also expressed their views on the occasion.
Earlier, the annual general meetings of both the banks had endorsed the special proposal for merger, while Nepal Rastra Bank has also granted the final approval for the merger.
Chandra Prasad Dhakal became chairperson of the board directors of the integrated structure of the bank while other 5 from Global IME and two from Bank of Kathmandu became directors. Ratna Raj Bajracharya remains chief executive officer.
Global IME Bank has now turned a single structure of 21 banks and micro finance institutions. It has acquired 5 commercial banks, 10 development banks, 6 finance companies. The bank now has 365 branch offices, 367 ATMs, 286 branchless outlets, 61 extension counters and 3 offices abroad.
