Kathmandu, Nov 10, 2013
After months of closed-door negotiations with various BFIs, Commerz and Trust Bank Nepal Limited has more or less decided to merge with Global IME Bank.
According to sources privy of the development, the two commercial banks are most likely to finalize the merger within a day or two.
“These two banks will most probably finalize the merger by tomorrow. Though there is a high possibility of 10:6.5 swap ratio for Commerz and Trust Bank, the actual ratio will be fixed only after the DDA (Due Diligence Audit),” according to a source at ShareSansar.
However, the bank officials would not disclose the details of the negotiation though they said that the negotiations were being held.
Commerz and Trust had also held discussion with other big banks such as Nabil and Everest Bank, but there is a significant process in the negotiation with Global IME.
Few sources pointed that Mr. Anal Raj Bhattarai, Chief Executive Officer of Commerz and Trust Bank had informed that they were talking with different banks, and making a good progress.
He also cleared stated that Commerz and Trust was seeking a merger with a big commercial bank so that it can “become as big as possible by holding hands of a big bank”.
“This is a fastest way through which you can become one of the top 5 banks in just 5 years, though you may have to sacrifice something in the process,” he said.
Due to the rumors of merger with Global IME Bank, the price of shares of Commerz and Trust have been rising in the stock market over the past few days.
