KATHMANDU, JUL 10 -
Global IME Bank, the new entity formed by merging Global Bank, IME Financial Institution and Lord Buddha Finance, started operations on Monday. Global Bank is the first commercial bank to combine with two finance companies at the same time which has strengthened its financial muscle.
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 500 million to expand its capital. Following the merger, the number of branches has expanded to 62 and it has a presence in 13 out of the 14 zones in the country.
Inaugurating the merged entity, Prime Minster Baburam Bhattarai said that the government was committed to giving the private sector a key role in the country’s economic development. He claimed that the investment climate was improving despite a protracted political transition. Stressing the need to better utilise the massive amount of money entering the country as remittance, the prime minister asked the newly merged bank to use its expertise in the remittance business to make use of this resource more effectively.
Source: ekantipur
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