Global IME Bank gets fifth partner Gulmi Bikas Bank to merge with

Global IME Bank is planning another merger with Gulmi Bikas Bank.
The class ‘A’ financial institution signed a memorandum of understanding (MoU) with class 'B' Gulmi Bikas Bank today after their initial understanding two weeks back.

Formed after the merger of Global Bank, IME Financial Institution and Lord Buddha Finance, the Global IME Bank has been currently in an acquition process with Social Development Bank too. Gulmi Bikas Bank will be the fifth entity is has been acquiring. Though the central bank has not brought Acquisition law, the banks and financial institutions have been following the Merger law for acquisition too.

Global IME Bank that has a paid up capital of Rs 2.25 billion will increase its paid up capital to Rs 2.50 billion after the merger with Gulmi Bikas Bank, excluding Social Development Bank that has a paid up capital of Rs 25 million.

Gulmi Bikas Bank with its listed 250,000 units of ordinary shares at Nepse was trading at Rs 141 per unit share before being suspended for the time being due to the merger process.