Global IME Bank to acquire Reliable Dev Bank; Paid up to reach Rs 8 arba

Global IME Bank Limited (GBIME) is going to acquire Reliable Development Bank. As per a source, Global IME Bank has signed an agreement to acquire Reliable Development Bank on Friday (Ashwin 14, 2073). After acquisition with Reliable Development Bank, Global IME Bank’s paid up capital will meet requirement of Nepal Rastra Bank. The trading of Reliable Development Bank will be halted from Sunday. Global IME Bank has paid up capital of Rs 6.16 arba. It had earned net profit of Rs 1.39 arba in the last fiscal year 2072/73. Recently Global IME bank had proposed 16% bonus share to its shareholders from the profit it earned in the last fiscal year. After distribution of 16 % bonus share the paid up capital will reach to Rs 7.14 arba. Likewise, the paid up capital of Reliable Development Bank remains at Rs 80.55 crore as per fourth quarter unaudited report. The development bank had earned Rs 28.18 crore in the fourth quarter of the fiscal year 2072/73. In addition, Reliable Dev. Bank has experience of remittance service as well. The development bank has Reliable Microfinance Company in its name. Reliable Development Bank was formed after merging Reliable Finance, Shuva Laxmi Finance and Nepal Consumer Development Bank GBIME is in the process of acquiring Pacific Development Bank. With the acquisition of two development banks, its paid up capital will exceed more than Rs 8 arba.