NRB gives final nod to merger of Global IME and Janata Bank; Approval given to two microfinances too

Global IME Bank (GBIME) and Janata Bank Nepal (JBNL) will be starting their joint operationfrom Mangsir 20, 2076. The final approval from Nepal Rastra Bank (NRB) has been received.

Post merger, the joint entity will be named Global IME Bank. The Board of Directors will be formed by 5 directors from GBIME and 2 directors from JBNL. The position of Chairman will be held by Chandra Prasad Dhakal, the current chairman of GBIME whereas the position of CEO will be held by Parshuram Kunwar Chhetri, current CEO of JBNL.

The swap ratio for the merger was 1:0.85. The new bank will have about Rs 19 arba in paid up capital, more than Rs 2.10 Kharba in deposit collection and around Rs 2 kharba as loan disbursement, more than 300 banking centers, more than 3200 employees.

Similarly, NRB has also given final approval to the merger of Sarathi Laghubitta and Satyabati Laghubitta.