Global IME calls special AGM to finalise merger with Commerz and Trust

Global IME Bank has called special annual general meeting on March 4 to endorse the merger with Commerz and Trust Bank Nepal.

The special AGM scheduled to take in Birgunj will endorse the merger with Commerz and Trust Bank by ratifying Due Diligence Audit (DDA) report and finalise the share swap ratio, and convert more than 51 per cent of the bank’s promoter shares into ordinary shares.

The central bank had formally endorsed the merger plan of Global IME Bank and Commerz and Trust Bank, in December.

 The two commercial banks had signed merger agreement on November 10, 2013 and proposed the share swap ration at 100:65.
After the merger between Global IME Bank and Commerz and Trust Bank, it would be the second merger between the commercial banks as the first one was NIC Bank and Bank of Asia Nepal.