KATHMANDU: Global IME Bank and Bank of Kathmandu (BOK) have signed a memorandum of understanding (MoU) for merger on Thursday.
Following the signing of the merger agreement, stock trading of the banks has been suspended in Nepal Stock Exchange (NEPSE).
The joint entity has been agreed to be named as Global IME BOK Bank and the post of chief executive officer (CEO) of the merged entity would be held by incumbent Global IME Bank CEO Ratna Raj Bajracharya.
Currently, Global IME Bank has a paid-up capital of Rs 23.79 billion while BOK has paid-up capital of Rs 10.63 billion.
The initial swap ratio has been decided as 1:1.
The paid-up capital of the joint entity will be Rs 34.41 billion after the merger.
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