Global IME to Acquire Reliable Devt Bank

October 2: Global IME Bank will acquire Reliable Development Bank. A Memorandum of Understanding (MoU) to this effect was signed by Chandra Prasad Dhakal, Chairman of Global IME and Radhe Shyam Agrawal, Chairman of Reliable Development Bank on September 30. As per the MoU, all works related to the acquisition will be completed within three months. The paid-up capital of Reliable Development Bank is Rs 788.5 million. According to Global IME, the total paid-up capital  will reach more than Rs 8 billion after the acquisition. Moreover, the bank informs that the total deposits and loan extension of the bank will total Rs 88 billion and 74 billion respectively. After the acquistion, the bank will have 111 branches across the country. 

Global IME  is also in process of acquiring Pacific Development Bank.  Commerz and Tust Bank, IME Financial Institution, Gulmi Bikas Bank, Social Development Bank and Lord Budhha Finance have already merged with the bank. Global IME will be the first bank which is formed by merger of 10 financial institutions after the acquisition of Reliable Development Bank. Reliable Development Bank was  also formed by merger of Reliable Finance, Subhlaxmi Finance and Nepal Consumer Development bank.