Global IME Bank has signed a memorandum of understanding (MoU) to acquire Reliable Development Bank, a national-level development bank registered in Kathmandu. Global IME Chairman Chandra Dhakal and Reliable Chairman Radhe Shyam Agrawal signed the agreement on behalf of their respective organisations. The banks have agreed to complete the acquisition process within three months, according to a statement.

After the acquisition, the total paid-up capital of Global IME will exceed Rs8 billion, whereas its deposits will increase to Rs88 billion. The bank will have 111 branches and loans and advances worth Rs74 billion. 

Earlier, the bank had acquired Pacific Development Bank and completed mergers with Commerz and Trust Bank and three other financial institutions.