The merger process between Global IME, Social Development and Gulmi
Bikas is set to gather steam with the Nepal Rastra Bank issuing a Letter
of Intent on 8 July, 2013.
Global IME signed a memorandum of understanding (MoU) with Gulmi Bikas Bank on May 28, 2013. Only two weeks before that, Global IME Bank and Social Development Bank had signed a MoU to enter a merger process.
Global IME Bank was formed after a merger between Global Bank and two finance companies -- IME Financial Institution and Lord Buddha Finance.
The shares of Global IME Bank, Gulmi Bikas Bank and Social Development Bank have been suspended from trading following the signing of MoU for merger. The shareholders of Social Development Bank will get a 40 % share, whereas Gulmi Bikas Bank investors hands 50% of the newly merged Global IME Bank Limited.
The NRB also gave merger LoI to Prabhu Finance, Bhaibhav Finance and Sambhridhi Bikas Bank Limited to operate in the name of Prabhu Bikas Bank Limited. With this Prabhu Finance officially upgraded to the “B” class financial institution.
As per the DDA (Due Diligence Report), the shareholders of the Bhaibhav Finance will get 57% shares, whereas Sambhridhi Bikas Bank promoters acquires 75% of the Prabhu Bikas Bank Limited.
Other companies which got merger LoI from NRB is Royal Merchant, Rara Bikas and Api Finance Limited. All three companies merged into 1:1:1 ratio. Apex Development Bank Limited will be the name of the newly merged “B” class financial institution.
Global IME signed a memorandum of understanding (MoU) with Gulmi Bikas Bank on May 28, 2013. Only two weeks before that, Global IME Bank and Social Development Bank had signed a MoU to enter a merger process.
Global IME Bank was formed after a merger between Global Bank and two finance companies -- IME Financial Institution and Lord Buddha Finance.
The shares of Global IME Bank, Gulmi Bikas Bank and Social Development Bank have been suspended from trading following the signing of MoU for merger. The shareholders of Social Development Bank will get a 40 % share, whereas Gulmi Bikas Bank investors hands 50% of the newly merged Global IME Bank Limited.
The NRB also gave merger LoI to Prabhu Finance, Bhaibhav Finance and Sambhridhi Bikas Bank Limited to operate in the name of Prabhu Bikas Bank Limited. With this Prabhu Finance officially upgraded to the “B” class financial institution.
As per the DDA (Due Diligence Report), the shareholders of the Bhaibhav Finance will get 57% shares, whereas Sambhridhi Bikas Bank promoters acquires 75% of the Prabhu Bikas Bank Limited.
Other companies which got merger LoI from NRB is Royal Merchant, Rara Bikas and Api Finance Limited. All three companies merged into 1:1:1 ratio. Apex Development Bank Limited will be the name of the newly merged “B” class financial institution.
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