Global IME aggressively pursuing to open representative office worldwide

Global IME Bank limited (GBIME) opened its representative office in Sydney, Australia on April 02, 2015. The bank’s representative office in Australia is expected to boost trade and investment between Nepali and Australian businessmen and facilitate promotional activities. It will act as liaison office for the bank.

Bishnu Prasad Baskota, Company Secretary of GBIME, said, “Currently our bank is working to open a representative office in India. We have received initial approval from the Nepal Rastra Bank (NRB) and Reserve Bank of India. GBIME is in process to open representative office in New Delhi, the capital city of India. Now, we have submitted the application for final approval from the NRB. We are hopeful that we can open our representative office sometime after Tihar festival” added Mr. Baskota.

The representative office works for business promotion and customer solicitation. No retail or business banking can take place from such office.

In order to open a representative office in abroad, the Bank and Financial Institution (BFI) in Nepal should take initial approval from the NRB. Then, the BFI should obtain approval from concerned regulatory authority in the host country. After receiving approval from the host country, BFI has to get final approval from the NRB to open a representative office abroad.

As per Mr. Baskota, GBIME is looking to expand its country representative office in six to seven locations worldwide. GBIME is at initial phase of this expansion of its country representative office worldwide.