Global bank, which has majority of shares of IME group, and IME Financial Institution have decided to undergo merger.
Both institutions decided to merge after the Rastra Bank encouraged them for unification as both the institutions have investments from the same group.
“Both the banks’ management committees have already signed a memorandum of understanding (MoU) for merger,” said chairman of the Global Bank Chandra Dhakal.
Global is a ‘Class A’ bank while IME is a ‘Class C’ financial institution.
The merged institution will be named Global IME Bank, according to officials of IME Financial Institution.