Global IME starts integrated business; share trading expected in 2 weeks

ShareSansar, April 9:

Global IME Bank Limited has started integrated business from today following the merger of Commerz and Trust Bank Nepal Limited.

The merger which was endorsed by both the banks’ Annual General Meeting makes Global IME one of the leading banks with the largest network of branches and ATMs in the private sector.

It now has more than 120 service network, including branches, branchless service and extension counters across the country and beyond, besides 80 ATM outlets that cater to 5 lakh customers.

Its capital base has also surged to Rs 6 arba and it now mobilizes Rs 49 arba in deposit and another Rs 49 arba in loan.

Meanwhile, the bank is planning to get its shares listed for trading by the first week of Baisakh, according to bank officials.

The shares of Global IME Bank Limited, which has entered into a merger with Commerz and Trust Bank Nepal Limited, is likely to be listed for trading in the first week of Baisakh, according to bank officials.

Back in March, Global IME’s company secretary Bishnu Baskota had told ShareSansar they were planning to resume the share trading in two weeks from the day the integrated trading begins.

If things go as per the plan – and there isn’t much space to doubt it won’t – Global IME’s shares will debut at Rs 430 as per the last traded price on November 10, and will most probably close at Rs 473 on the same day.

“The scrip will continue to rise steadily in the next few days and will be priced more than the share of NIC Asia,” said Narendra Sijapati, president of the Brokers’ Association.

Given the current situation, Global IME’s shares will hover around Rs 750 within a few days once it gets listed.

It may also be noted that the shareholders are further encouraged by the first and the second quarterly reports for the current fiscal year.

A special Annual General Meeting of Global IME Bank held on March 5 in Birgunj had endorsed the merger by ratifying Due Diligence Report and the swap ratio for the merger.

In December, Nepal Rastra Bank had formally endorsed the plan of Global IME Bank and Commerz and Trust Bank to merge.
 
The two commercial banks have seal a deal for the merger on November 10 at a swap ration of 100:65.

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