Global IME Bank and Janata Bank Nepal receive Letter of Intent from NRB for merger; swap ratio to be around 100:85

Nepal Rastra Bank (NRB) has provided Letter of Intent to the merger decision of Global IME Bank (GBIME) and Janata Bank Nepal (JBNL).

The two banks had agreed to merge after NRB Governor Dr. Nepal had instructed the banks to be ready for merger before releasing the monetary policy for FY 76/77.

After the merger, the bank’s name will remain Global IME Bank Limited. 5 members from Global IME Bank and 2 members of Janata Bank will form the BOD. Mr. Chandra Prasad Dhakal will hold the Chairman’s post and Mr. Parshuram Kunwar Chettri will continue as CEO of the bank.

Upon receiving the LOI, the banks will now value their respective assets and liabilities. The swap ratio is estimated to be around 100:85 as agreed by JBNL.