Himal Press 
KATHMANDU: Global IME Bank Ltd and Bank of Kathmandu (BoK) Ltd are beginning their consolidated operation as a merged entity on Monday.
The central bank gave final approval for the merger of the two ‘A’ class banks on December 29.
Both the banks have agreed to name the merged entity Global IME Bank Ltd. The two banks had agreed on a 1:1 swap ratio for the merger.
Issuing a statement on Thursday, Bank of Kathmandu Ltd advised all its customers that all transactions would be halted for three days, starting Friday, for migration of data to the new system. Global IME too has said that its services might see disruption in these three days.
The merged entity will have 365 branch offices and 328 ATM terminals throughout the country. Likewise, the bank will have a total paidup capital of Rs 35.77 billion.
Global IME Chairman Chandra Prasad Dhakal will chair the board of the merged entity, while its CEO Rataraj Bajracharya will lead the management as the CEO. Bank of Kathmandu’s CEO Shravan Lal Maskey will become Senior Deputy CEO.
