Global IME to acquire Reliable Development Bank

Published On: September 30, 2016 08:47 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Sept 30: Global IME Bank Ltd has announced that it was acquiring Reliable Development Bank.

Global IME Chairman Chandra Prasad Dhakal and Reliable Chairman Radhe Shyam Agrawal signed the a Memorandum of Understanding to this effect on Friday.

Reliable Development Bank has paid-up capital of Rs 788.5 million.

After the acquisition, the paid-up capital of Global IME would cross Rs 8 billion.

Issuing a statement, the bank said that it would be the second commercial bank in the country to meet the Rs 8 billion paid-up capital requirement.

The acquisition process will be completed in three months, according to the statement.

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