Global IME- Commerz and Trust swap ratio for merger finalized at 100:65

ShareSansar, February 18:

Global IME Bank Limited and Commerz and Trust Bank Nepal Limited have settled for a swap ratio of 100:65 for the merger of the latter into Global IME, according to highly placed sources.

“Since Commerz and Trust officials are also fine with the swap ratio,  the upcoming special AGM would endorse the merger along that line,” a high ranking Global IME official told ShareSansar today.

Though there were rumors about this swap ration, this is the first time the bank officials have given the clearest indication about the swap ratio.
 
The banks are holding special Annual General Meeting on March 4 to endorse the merger by duly ratifying the Due Diligence Report, and the swap ratio.

Another important decision the Global IME AGM is due to take is to convert more than 51 percent of the bank’s promoter shares into ordinary shares, according to a notice issued by the bank today.

In December, Nepal Rastra Bank had formally endorsed the plan of Global IME Bank and Commerz and Trust Bank to merge.

This is the second merger between the commercial banks in the country. The first commercial banks to merge were NIC and Bank of Asia.