Global IME is Distributing Share Certificate of Commerz and Trust Bank

Kathmandu, April 11

Global IME Bank Ltd. is distributing new ordinary share certificate to the shareholders of Commerz n Trust Bank after it is merged with Global IME Bank Ltd from 11 April, 2014 (28 Chaitra, 2070)

Global IME Bank AGM today to endorse 15% bonus shares

Kathmandu, Jan 4

Global IME Bank Limited held its seventh Annual General Meeting today.

The AGM being held at Hotel Vishwa in Birjung has endorsed 15 percent bonus shares to its shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70.

The Annual event has also proposed to soar up capital of the bank.

Global IME AGM in Birgunj on Jan 3 to endorse 15% bonus shares

Kathmandu

Global IME Bank, which has entered into a merger process with Commerz and Trust Bank Nepal Limited, is going to hold its Annual General Meeting on January 3.

The AGM scheduled at Hotel Vishwa in Birgunj sub-metropolis is due will formally endorse 15 percent bonus shares to the shareholders from the net profit it earned in the last fiscal year 2069/70.

Global IME Bank’s net profit had risen by 108.24 percent in the last fiscal year. The bank garnered profits of Rs 55.24 crore as against Rs 26.53 crore in the previous fiscal year.
 
The bank’s deposits increased from Rs 26.91 arba in the last fiscal to Rs 34.11 arba this year, an increase of 26.74 percent.

Once the merger with Commerz is finalized, the bank’s paid-up capital will surge to Rs 4.41 arba.

Global IME‚ Commerz and Trust Bank initiate merger process

KATHMANDU

November 11, 2013

 The biggest merger in the banking sector is in the offing, as Global IME Bank and Commerz and Trust Bank Nepal have entered into an agreement to consolidate the two units.

A memorandum of understanding, in this regard, was signed today by chairman of Global IME Bank Chandra Dhakal and chairman of Commerz and Trust Bank Shovakar Neupane.

“We decided to enter into another merger agreement as other consolidation processes that we completed in the past gave a boost to our capital position.

We are sure the successful completion of this process will further give a lift to our capital base and strengthen our position in the market,” Global IME chairman Dhakal said.

The bank, which was originally known as Global Bank at the time of its establishment, has so far merged with five other financial institutions. But this is the first time it is trying to consolidate with a commercial bank.

If the merger process ends successfully, this will be the second instance of consolidation of two commercial banks in the country, following the merger of NIC Bank and Bank of Asia Nepal. Successful completion of the merger will also turn the consolidated unit into the largest bank in the country in terms of paid up capital.

Global IME Bank, which has successfully completed merger with five other financial institutions, currently has a paid up capital of Rs 2.42 billion, while Commerz and Trust Bank has a paid up capital of Rs 2 billion. Once the two units consolidate, the new unit will have a paid up capital of Rs 4.42 billion.

To take the process ahead, the two banks have already established a merger committee and are filing an application at Nepal Rastra Bank tomorrow to get the banking sector regulator’s nod to formally initiate the consolidation process.

“We will then conduct due diligence audits which will give a complete picture of the financial health of the two institutions,” Dhakal said. “Based on the results of the audits, we will determine shareholders’ stake in the consolidated unit.”

However, right on the onset of the merger, the two banks have agreed to accept Dhakal and Ratna Raj Bajracharya, CEO of Global IME, as chairman and chief executive of the consolidated unit, respectively. “Besides, we have also agreed to include only one representative of Commerz and Trust Bank in the board of directors of the consolidated unit,” Dhakal informed.

Global IME booked a net profit of Rs 271.43 million in the first quarter of the current fiscal year as against Rs 83.82 million in the same period last fiscal. First quarter results of Commerz and Trust, however, are not out yet. The bank had posted a net profit of Rs 58.62 million in the last fiscal.

Source: The Himalayan Times

Global IME and Commerz and Trust likely to finalize merger this week

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.