The combined unit of a commercial bank and two category ´C´ financial institutions was inaugurated by Prime Minister Babu Ram Bhattarai.[break]
Following the consolidation, the bank now has a paid-up capital of Rs 2.18 billion, deposits of Rs 26 billion and credit portfolio of Rs 20 billion.
“The merger, on one hand, has strengthened the financial position of the bank in the market, while, on the other, allowed institutions to reduce operating cost, expand business operations without adding cost and enlarge credit portfolio without putting a strain on capital position,” Nepal Rastra Bank Governor Yuvaraj Khatiwada said at an event organized to launch the operation of Global IME Bank.
With the merger, the Global IME Bank has created the largest network of branches among commercial banks, with number of offices topping 62 in locations from Taplejung in the east to Baitadi in the west.
“We are planning to extend the number of branches to 72 within next three years,” Ratna Raj Bajracharya, CEO of the bank, said.
It also has two extension counters and 57 ATMs.
Chandra Dhakal, the bank´s chairman, said the financial institution would now focus on retail banking. “We will also give priority to agricultural and small and medium enterprises lending,” he said.
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