Global Bank approved its merger plan with IME Financial Institution and Lord Buddha Finance in a special general meeting.
Once the deal goes through, Global Bank will be the first category ´A´ financial institution to lead the merger of three institutions. All three institutions have received the approval of the central bank to go ahead with the merger.
“We hope to conclude the entire process before mid-July,” said Chandra Dhakal, chairman of Global Bank.
The three institutions, says Dhakal, will come up with a single balance sheet at the end of the fiscal year.
Once the three institutions are combined, the new entity will be called Global IME Bank and it will have a paid-up capital of around Rs 2.23 billion. Currently, Global Bank has a paid-up capital of Rs 1.6 billion. IME has Rs 431.84 million in capital and Lord Buddha´s paid-up capital stands at Rs 168.28 million.
As per the agreement, the existing board of directors of Global Bank, with Dhakal at helm, will lead the new bank.
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