IME Bank starts joint financial transaction

Kathmandu, Sept. 4:

After acquiring the Hathway Finance Company, Global IME Bank has started joint financial transaction from Wednesday.

Officiating Mayor of Dharan Sub-Metropolis Manju Bhandari inaugurated the joint transaction of the company at a programme organised in Dharan, informed the bank.

Bhandari said that the integration of bank and finance companies would create more powerful institutions which will have positive impact on the national economy.

 "A powerful company can expand its branch network across the country which will facilitate people with easy and accessible financial services," she said.

Roshan Kumar Sigdel, Director of Nepal Rastra Bank's Biratnagar regional office, urged the bank to pay special attention to the security of the capital as the financial institutions were running with the public money. Likewise, a merged company should consider the working style and environment of human resources since they might feel uncomfortable in a merged institution, he said.

Chairman of the bank Chandra Prasad Dhakal said that the bank acquired the finance company as per the government policy to create stable and powerful financial institution through merger and acquisition.

He also said that the bank had signed a Memorandum of Understanding with Janata Bank Limited for merger and the process would be completed in near future.

Chairman of Hathway Ambika Prasad Poudel said that the shareholders and employees of the finance company would get appropriate respect in the company.

After the acquisition of Hathway, the paid up capital of GIBL has reached Rs. 10.436 billion. Similarly, the branch network will reach 145, deposits Rs. 127 billion and loan Rs. 119 billion. The number of customers has reached 1.1 million.

Published in The Rising Nepal daily on 5 September 2019.