BoK AGM approves merger proposal

KATHMANDU: The 28th annual general meeting of Bank of Kathmandu (BoK) has approved a proposal to merge with Global IME Bank Ltd.

The two commercial banks have already agreed on a 1:1 share swap ratio.

Issuing a statement on Friday, the commercial bank said the AGM also endorsed a proposal to provide 6% stock dividend and 14.95% cash divided to its shareholders from the profit earned in fiscal year 2021/22.

The two banks have agreed to name the merged entity Global IME BoK Limited. After the merger, Global IME BoK Ltd will have a paid-up capital of Rs 35.77 billion.