Global IME Bank, Janata Bank Start Integrated Transaction After Merger

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Global IME Bank, Janata Bank Start Integrated Transaction After Merger
Finance Minister Yuba Raj Khatiwada (L) shares a light moment with Chairman of Global IME Bank Chandra Dhakal (C) and Nepal Rastra Bank Governor Chiranjivi Nepal during the launch of integrated transaction of Global IME Bank and Janata Bank amid a function in the capital on Friday. Photo Courtesy: Global IME Bank

December 8: Global IME Bank and Janata Bank have started integrated transaction since Friday after completing their merger process.

Global IME Bank, which retains its name after the merger, initiated the integrated service during an official function at its corporate office on Friday, December 6.

Nepal Rastra Bank had given permission to the two banks to start integrated transaction on November 28.

Finance Minister Dr Yuba Raj Khatiwada and NRB Governor Dr Chiranjivi Nepal jointly inaugurated the integrated transaction of the bank.

With this, Global IME Bank has become the biggest commercial bank of Nepal in terms of paid-up capital, deposit as well as loan portfolio.

The bank’s paid up capital has reached Rs 19 billion after merger. Likewise, the total deposit at the bank is now Rs 213 billion while it has provided loan worth Rs 194 billion.

The bank has more than 300 branches and 259 ATMs spread across the country.

Likewise, the bank’s customer base is more than 2 million.

Global IME Bank and Janata Bank were the first to agree to the “big merger” initiative taken by the central bank. The two banks had agreed for the merger on July 5 earlier this year.

With the merger, the number of commercial banks in Nepal has dropped to 27.

As per the agreement between the two banks, the name of the new entity after merger will remain Global IME Bank. Chairman of Global IME Bank Chandra Prasad Dhakal will also retain his position while Janata Bank’s CEO Parshuram Kunwar will take over the responsibilities of the CEO of the new entity.

Meanwhile, the acting CEO of Global IME Bank Mahesh Sharma Dhakal has been assigned the responsibilities of senior deputy CEO after the merger.

The board of directors include five members from Global IME Bank and two from Janata Bank.

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