Global Bank has become the first class ‘A’ financial institution to lead the merger of three institutions. It had first signed a memorandum of understanding (MoU) with IME Financial Institution for the merger and later with Lord Budhha Finance. A special general meeting of Global Bank held in the second week of May had given nod to the merger plan.

Global Bank Chairman Chandra Prasad Dhakal said, “After the merger, the new entity has been named Global IME Bank and will have a paid-up capital of around Rs 2.58 billion.” Dhakal continues to lead Global Bank as Chairperson and current CEO Ratna Raj Bajracharya retained his position.

According to the bank, its paid-up capital has reached Rs 2.18 billion, deposits - Rs 26 billion and credit - Rs 20 billion after the three financial institutions came together. It has also issued debentures worth Rs 400 million to expand its capital. Following the merger, the number of branches has expanded to 62 and it has a presence in 13 zones in the country.