Kathmandu: The series of talk between Nepal Insurance Company and IME General Insurance Company for merger has come to an end. Sources confirm that the MoU couldn’t be reached amid the rigidity of promoters of both companies to carry the name of their own company after merger.
The senior officials of the regulatory body, the Insurance Board, themselves were involved in facilitating the merger. But the initiation could not bring fruitful result. Nepal Insurance Company, the 75 years old insurer is the oldest insurers of Nepal. So, the promoters behind it do not wish to loss the glorifying history with the brand name. Contrary to that, IME Group too doesn’t wish to vanish its name from IME General. IME Group is major promoter of both the companies.
IME Group has been establishing IME as a ‘brand name’ in all the sectors it has invested in. IME General is successful in keeping all the companies and banks financial institutions under the IME Group. It had also published notice for the auction of its promoter share Nepal Insurance. It has cross holding in both non-life insurance companies.
