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  Financial news from Nepal. News items regarding banks and loans in Nepal

Latest bank news
Siddhartha Development Bank Ltd (SDBL) has launched a new loan scheme to finance taxi purchase. The scheme announced on Wednesday has 10 percent interest rate and loan repayment period of seven years. Read more

Civil Bank Ltd says it will start offering loans to buy and install solar power systems at 2.25 percent interest for households and at 4.5 percent for commercial purposes.
Read more

Citizens Bank International Ltd (CZBIL) has started its 56th branchless banking service at Jufal VDC of Dolpa. Issuing a press release on Tuesday, the bank said it has appointed local trader Hari Lal Budha as its representative for the branchless banking service. Read more

Earthquake victims seeking subsidised loans from the banks and financial institutions under Nepal Rastra Bank’s (NRB ) refinance scheme will get the credit only if they build earthquake -resistant houses. Read more

Nepal Investment Bank has provided financial support worth Rs. one million in a bid to support the flood-hit people across the country.

Nepal Rastra Bank (NRB) on Tuesday took over the management of Nepal Credit and Commerce Bank (NCC Bank) as the former’s efforts to settle down the tussle between two promoter groups went futile.

Standard Chartered Bank Nepal Ltd continued to record a revenue growth during financial year ended 2012-13. SCB Nepal’s operating profit and net profit for the period were recorded at a level of Rs 1.86 billion and Rs 1.22 billion, respectively. The growth in net profit was 4.2 per cent over the previous year.

Nepal Investment Bank Limited today opened its sixth branchless banking outlet at Tokha,  Kathmandu. Branchless banking service has emerged as an effective tool to provide retail banking services in rural and suburban areas and incorporates cash deposit and withdrawal, fund transfers, bill payments and topping up of mobile phone accounts through POS terminals.

For most Nepali households‚ owning a home and a car has become achievable thanks to banks offering home and auto loans at a relatively cheaper rate. Commercial banks have started providing home loans and auto loans at as less as 9.5 per cent interest rate as of now‚ depending on the period of the debt. The rates used to be higher than 11.5 almost a year ago. .

After police arrested his wife on charge of banking fraud and fingers pointing at him also, an embattled Kamal Prasad Gyawali has called it quits from the post of CEO of KIST Bank Limited and its operator.

Nepal Bank is planning to float right shares soon. “Nepal bank will issue right share soon after mid-April,” informed the coordinator of Nepal Bank Maheshwor Lal Shrestha briefing the branch chiefs in the two-day regional interaction.

Global IME Bank has opened a branchless banking unit in Fulbari VDC of Kailali district. The branchless banking facility was inaugurated by the bank’s deputy chief executive Janak Sharma Poudel amid a function.

Standard Chartered PLC announced a 10th consecutive year of income, profit and dividend growth. With operations in many of the world’s most dynamic economies, the company now has 26 markets delivering over $100 million of income. Total group income was up by eight per cent to $19.07 billion.

Almost half the commercial banks have yet to increase their paid up capital to Rs two billion, with less than eight months remaining for the regulatory deadline.  Among the 15 banks, 4 new banks, Mega Bank, Civil Bank, Century Commercial Bank, and Commerz and Trust Bank, have yet to issue shares to the public to increase their paid up capital, whereas the remaining banks including Nepal Bank Limited, Rastriya Banijya Bank, Standard Chartered Bank, Everest Bank, Bank of Kathmandu, NCC Bank, Lumbini Bank, NIC Bank, Kumari Bank, Laxmi Bank and Siddhartha Bank are also either issuing bonus shares or rights shares to meet the deadline.

The Global IME Bank Limited has started agro-loan programme, targeting farmers in mid, far-western regions. The bank will distribute the agricultural loan of Rs. 50,000 to Rs. 10 million through its branches in Baitadi, Dadeldhura, Dhangadhi, Lamki, Surkhet, Dang, Ghorahi, Tulsipur, Nepalgunj, and Pushpalal Branch in collaboration with KL Dugad Group.

Standard Chartered Bank Nepal has won the prestigious ‘Bank of the Year’ award at The Banker Awards. The award was handed over to chief executive of the bank Joseph Silvanus at a grand gala dinner programme held at The Intercontinental Park Lane Hotel, London.

Civil Bank Limited made Rs. 2.27 billion net profit in the first four months of the current fiscal year 2069-70 BS. The bank has raised 10.34 billion deposits while it has made Rs. 9.15 billion loan disbursement during the same period. The bank has claimed that it has zero unproductive loans

NIC Bank has announced cash dividend of Rs 25 per share for fiscal year 2011-2012, which is subject to regulatory requirements and approvals. The bank had posted a net profit of Rs 392 million in fiscal year 2011-12, with its earnings per share of Rs 29.87, return on assets of 1.64 per cent and return on equity of 19 per cent.

Everest Bank has opened its 48th branch with ATM service at Gongabu, Kathmandu. The bank now has 48 branches, two extension counters, 20 revenue collection counters and 62 ATMs.

Sunrise Bank has opened its 49th branch in Nepalgunj on Monday. The new branch will provide enhanced modern banking facilities including the newly launched Sunrise Mobile Banking service.

Bank of Asia Nepal has started mobile banking services through Ncell’s network too. Earlier, the service was only available on Nepal Telecom’s mobile services. Now subscribers of both mobile service providers can enquire about balance, get account statement, transfer funds and make mobile bill payments through this service

The only government owned bank — Rastriya Banijya Bank (RBB) — has finally got a chief executive officer following a long exercise. The CEO selection committee headed by Energy Minister Balanand Poudel selected Krishna Prasad Sharma as the new CEO

Nepal Investment Bank Ltd (NIBL) has started the MoneyGram International Money Transfer Services in Nepal. Under the arrangement, transactions coming from around more than 190 countries all over the world can now be paid from all the 41 branches of NIBL.

The Gairidhara branch office building of Sunrise Bank Limited (SrBL) caught fire on Wednesday morning. The blaze occurred due to a suspected short-circuit in the diesel plant that was being operated in the hours of load shedding.

Bank of Kathmandu (BoK) has been awarded Bank of the Year 2011-Nepal and Kumari Bank has received The Manthan Award South Asia 2011. The Banker Magazine, a publication of the Financial Times Group awards the banks around the globe with its prestigious The Banker Award.

The leading bullion importer NIC Bank has launched ‘one kilo silver bar’ targeting the retail investors. “It will allow the public an option to buy certified silver as an investment instead of keeping it cooped up in the savings account,” informed head of financial markets -commodities and derivatives at the bank Saroj Guragain.

Nepal Bank Ltd marks 75th anniversary. On the occasion, President Yadav expressed happiness at the bank’s services provided through 112 branches across the country.

A security guard deployed at an ATM machine owned by the Himalayan Bank’s Surya Binayak wing of Bhaktapur was found dead in the bank premises. It is not clear whether it was a murder or natural death, adding it will be known only after postmortem and through further investigations.

NMB Bank Ltd has commenced its 15th ATM in Butwal on Sunday. The ATM is believed to be convenient for all the people in Butwal.

Kumari Bank has bagged mBillionth Award South Asia 2011 for its Kumari Mobile Cash product. The award was given under the m-business and commerce, banking category in the mBillionth 2011 South Asia International Summit 2011 in New Delhi, India on Saturday.

According to Securities Board of Nepal, the Siddhartha Bank today applied for the permission to start Mutual Fund under the name of Siddhartha Assets Management Company — a subsidiary of the bank. It will be the first Mutual Fund after the regulatory authority brought Mutual Fund regulation in 2067.

Everest Bank has opened its 40th and 41st ATMs at Simara Branch in Bara and Saleways Supermarket, Maharajgunj in Kathmandu.

BoK has installed ATM at ATM Lounge in Naya Baneshwor. The bank has now 48 ATMs, 24 inside Kathmandu Valley and 24 outside. It’s VISA cards that offer both debit and credit services can be used for withdrawal purposes as well as transactions in various Point of Sales machines available in departmental stores and clubs.

Nepal Bank Limited management has sped up the process of appointing a new chief executive officer, after Nepal Rastra Bank decided to pull itself out from the bank’s management.

Nepal Investment Bank Limited, one of the leading commercial banks of the country has been awarded with The Bankers Award-2010 by the Banker Magazine.

The 10th annual general meeting (AGM) of Kumari Bank held on Wednesday has approved the proposal of its board to provide 12 percent cash dividend to its shareholders.

Owing to the increasing cost of funds and squeeze in the spread rate, commercial banks saw profit slowing down in the first quarter of the current fiscal year. The banks’ net profit shrank to Rs 3.46 billion in the first three months of the current fiscal year from Rs 3.80 billion in the same period last year.

bank news, continued

NMB Bank posted 180 per cent profit growth to Rs 98.2 million before tax in the first quarter of the current fiscal year 2010-11 compared to the same quarter last fiscal year.

NIC Bank has formally inaugurated its Malangwa branch jointly by the Bank’s chairman Jagdish Prasad Agrawal and President of Malangawa Chamber of Commerce, Rang Lal Agrawal, at a function held.

Manakamana Development Bank opened its first branch at Abu Khaireni, Nawalparasi (near famous Manakamana temple).

The Taulihawa branch of the Rastriya Banijya Bank (RBB) nets a profit of Nepali Rs 3.6 million in fiscal year 2009/2010 by collecting deposits amounting to NRs 1.10 billion and invested NRs 70 million in that year alone.

Of the total loans floated by the country’s commercial banks, Rs 631.2 million has been directed to the public sector while the private sector availed more than Rs 500 billion in loans. Private sector's credit grew by Rs 69.5 billion, up 17.2 per cent, compared to a 27-per cent growth the previous year.

Sunrise Bank on Tuesday opened its 37th branch at Surunga, Jhapa. The new branch aims to provide modern banking access to the area. General manager Suman Neupane said the new branch would promote small and medium enterprises in the region and its surroundings

Between May 16 to June 17, Sunrise Bank Limited traded the largest number of shares amongst all commercial banks whose shares were traded in Nepal Stock Exchange during this period. The bank saw a trading of 100062 units of shares worth NRS 3.341.122 in 1800 transactions

Prime Commercial Bank opened its new branch in Nawalparasi. The new branch was inaugurated by Narayan Das Manandhar, CEO of the bank. The bank aims to expand its network further and provide better and efficient banking services to its customers in the days to come

In its effort to increase its reach in the western development region, NMB Bank Ltd inaugurated its 13th branch in Dhangadhi, Kailali, on Sunday. NMB aims to add three more branches during this fiscal year to have a total of 15 branches in its network.

NIC Bank has launched “NIC Happy Savings Account”, which can be opened with an initial balance of NRS 1000.
The product has an interest rate of 6.5% per year on daily balance with special additional 0.5% p.a. for women and senior citizens.

Global Bank Limited has launched new saving account named the ´Global Super Saving´. Under the new scheme, the customer will be provided with interest return of 7.5 percent on daily deposit basis.

Nepal Credit and Commerce Bank has installed a new ATM kiosk at New Road. Director of the bank Tirtha Pradhan inaugurated the kiosk on Tuesday. With the inauguration of this new ATM, the number of ATMs in the bank´s network has reached twelve.

Sunrise Bank Limited has announced that it would float 7.5 million ordinary shares of Rs.100 each for the shareholders. The agreement was signed between K H Rana, chief executive officer of NIDC Capital Markets Limited and Suman Neupane, managing director of Sunrise Bank

The Board of Directors of Bank of Kathmandu has appointed Ajay Shrestha as the Chief Executive Officer. Shrestha has been associated with NMB bank as general manager.

Rastriya Banijya Bank (RBB) has been able to reduce its non-performing loans (NPL) to 12.98 percent during the second quarter of the current fiscal year from 15.4 percent in the fiNRst quarter. The bank's NPL was 21.6 percent during the second quarter of the last fiscal year.

Laxmi Bank started operations from its two new branches in Nepalgunj and Butwal on Tuesday. The new branches will join the bank´s western network. “Both Nepalgunj and Butwal have developed as commercial hubs and Laxmi Bank is positioned to offer full-fledged banking services to all segments of the society -- from businesses to individual households,” according to the bank.

Global Bank Limited has extended its service in Kupandole, Lalitpur, from Wednesday. Chandra Prasad Dhakal, chairman of the bank, inaugurated the 27th branch of the bank. The bank now has 12 branches in the capital and 15 branches outside the capital.

Siddhartha Bank registered an operating profit of Rs 243 million during the second quarter of FY '66-67. While inaugurating the bank's new corporate office at Hattisar, Kathmandu, the chairman also said that the bank's total deposit portfolio during the same period stood at Rs 17.5 billion while the total loans and advances amounted to Rs 16.64 billion. The bank also inaugurated its new branch office at Thamel with an aim to extend modern banking services and products to industrialists, businessmen, tourists and the general public.

Global Bank Ltd opened its 24th branch in Chhetrapati, Kathmandu on Wednesday. Chandra Prasad Dhakal, chairman of the bank, inaugurated the branch. The new branch is the bank´s 11th in the capital.

Banks in Nepal have revised their lending rates upward in the range of 2.5 to 3.5 percentage points amid long-running liquidity crunch and enforcement of new lending policy by Nepal Rastra Bank.

Sunrise Bank Ltd. has launched a new scheme, 'Suryodaya Remit Saving Account' aiming at mainstreaming the remittance to service and productive sector. The depositors in this scheme will get 7 to 7.25 percent interest rate

Siddhartha Development Bank, which initially got a license to operate within three districts, has got the approval to go nationwide from Nepal Rastra Bank.

bank news June-Dec 2009

Kist Bank Ltd, a commercial bank, has opened its new branch office in Gongabu of Kathmandu.

With the commercial banks mulling over hiking interest rates on lending, life could be tougher for those seeking loan from the banks. Since interest rate on deposits is increasing, there is pressure on the banks to increase interest in lending rates.

Standard Chartered Bank has been crowned as the Banker’s bank 2009 by the Bankers magazine. The award was given in regard of the growth and long-term strategic commitment of the bank to Asia. The bank was given the title for its good performance during the fiscal year 2008-2009.It was also named as the Best Bank for Asia.

Liquidity crunch has started fuelling the banks interest rates that were till last year hovering around and below five percent and moreover, the commercial banks have lost their attractions in the treasury bills. The heavy withdrawal from commercial banks due to the government’s fears has also compelled banks to increase the interest rates which have reached to 11 percent by now.

Sunrise Bank has opened its 25th branch in Biratnagar. The new branch was opened by Sriniwas Sarada, director of the bank. According to Suman Neupane, general manager, the new branch has been opened to provide modern banking service and promote small and medium enterprises

Rastriya Banijya Bank (RBB) has declared a first quarter net profit of Rs 319.1 million. The bank also said it collected Rs 65.65 billion in deposits in the period. Compared to the same period of the previous fiscal year, the collections were 15.68 percent more.

The ninth Annual General Meeting of Kumari Bank held Sunday declared that it would provide 10 percent bonus shares and redeem the existing promoter share to 51 percent. The remaining 19 percent promoters shares will be sold to public.

Loans floated by commercial banks during the first two months of the current fiscal year have outsized their volume of deposit collections. In comparison to the same period last year, the flow of loans has increased by 3.5 percent while the collection of deposits saw a meager increment of 1.7 percent.

Everest Bank Ltd earned an operating profit of Rs 291.70 million during first quarters of the current fiscal year. The operating profit of the bank up to mid-October rose by 24 % as compared to Rs 234.9 recorded during the same period last fiscal year.

Everest Bank Limited has received an in-principal approval from the central bank of Nepal to open its first international branch in New Delhi. The expansion of branch was made possible according to NRB's provision on monetary policy to let banks to open international branches

The board meeting of Bank of Kathmandu held on Wednesday decided to propose 40% bonus share and 7.37% cash dividend to its shareholders.

Sunrise Bank and Nepal Stock Exchange Tuesday signed an agreement on to list 12.5 million units of the bank´s shares at the sole secondary stock market of the country.

Bank of Kathmandu has started issuing BoK Visa Credit Card. Announcing the launch of the new card, BoK said that a portion of the fees from the card will be used to support the fight against climate change through programs of National Trust for Nature Conservation. The card is also valid in India.

Rastriya Banijya Bank, the largest bank of the country in terms of deposits and coverage, has floated a plan to make its net-worth positive and lower Non-Performing Assets to less than 5 percent within the next two years.

In an unprecedented case seen in Nepal´s capital market, shareholders of Standard Chartered Bank lost Rs 1,440 per share in a single trading day on Tuesday, prompting Nepal Stock Exchange index to shed 23.69 points

The crisis resulted due to the shortage of higher denomination currency notes has also affected the monetary transactions in financial institutions outside of the Kathmandu Valley. Damauli branch of Nepal Bank Limited stopped all its transactions from yesterday after Nepal Rastra Bank Pokhara branch office failed to provide money.

Sunrise Bank has opened its 23rd branch in Rajbiraj of Saptari district. Bachharaj Tated, director of the bank, and Shree Ram Kabara, president of Rajbiraj Chamber of Commerce and Industry, jointly inaugurated the new branch on Wednesday.

Global Bank Limited has opened a new branch in Basundhara of Dhapasi. Chairman of the bank Chandra Prasad Dhakal inaugurated the branch amid a function on Monday. With this new branch, the number of branches of the bank has reached 20

Nepal Youth Society, Kathmandu, has conferred Rajan Singh Bhandari, chief executive officer of Citizens Bank International, with National Service Award 2009, recognizing his commitment, involvement and contribution in the development of the banking sector

Nepal Bank Ltd (NBL) has resumed services from four branches, which are among the branches that were closed during decade-long Maoist insurgency, for the benefit of service seekers. The branches in Surunga and Gauradaha of Jhapa district, Barahathawa of Sarlahi and Jitpur of Bara district were inaugurated separately on Thursday.

Citizens Bank International Ltd on Tuesday declared a net profit of Rs 15.8 million and an operating profit of Rs 184.5 million in fiscal year 2008/09. The 3rd annual general meeting (AGM) of the bank held Tuesday also approved distribution of 10 percent dividend to shareholders and a 1:1 rights issue

With the book closure (a cutoff date for transferring shares for the benefit of cash dividend and bonus shares) of Nabil Bank and IME Financial Institution, Nepal Stock Exchange index dipped by 27.42 points to close at 630.11 points on Tuesday.

Nepal Investment Bank and China Development Bank last week signed a Memorandum of Understanding (MoU), according to which the CDB will provide financial support to the projects recommended by NIB to promote Nepal´s economic development.

Rastriya Banijya Bank, a state owned commercial bank, posted a record net profit of Rs. 2.03 billion last fiscal year. “By making a successful recovery of Rs. 2.4 billion cash last year from Non-Performing Loan, the bank succeeded to bring down the Non-Performing Asset to 15 per cent,” according to Bank CEO Janardan Acharya.

The meeting of Board of Directors of Nepal Investment Bank, the largest private sector bank in terms of deposit and lending volumes, has proposed 20 percent cash dividend to its shareholders.

Indreni Soybean of Kathmandu and United Brewery of Hetauda have paid their outstanding loans to Nepal Bank Limited (NBL) although there was no collateral security for the loans.

Nabil Bank has decided to provide 35 per cent cash dividend and 50 per cent bonus share from the profit of the fiscal year 2008-09, the Board of Directors decided on Thursday but the proposal needs to be approved by Nepal Rastra Bank and next AGM

Nepal Bank Limited, the country’s oldest bank, earned a profit of Rs. 1.113 billion, including taxes and bonuses, during the fiscal year 2065/066. During the period, the bank was able to make a net profit of Rs. 794.4 million. The operating profit of the bank stood at Rs. 59.26 million in the same period.

Everest Bank Limited has stated that it earned a net profit of Rs 624 million in 2008/09 fiscal year, which is 38 percent rise over previous year´s profit. The operating profit during the year touched Rs 1.06 billion, compared to Rs 818.2 million of the previous year. Its deposits increased by 39 percent and loans grew by 30 percent during the period.

Laxmi Bank and Beed Invest have signed a memorandum of understanding (MoU) to introduce portfolio management services to Laxmi Bank customers, according to a press statement issued by the bank on Thursday. As per the agreement, Laxmi Bank and Beed Invest will work together to develop financial and investment products for Laxmi Bank´s customers, who are keen at investing in the stock market. Beed is a portfolio manager authorized by Securities Board of Nepal.

Nepal Bangladesh Bank (NBB) is on the way to making a turnaround as it has intensified the recovery of bad loans. According to the financial report of the last quarter made public by the bank, its capital fund has become positive by 8.08 percent from its negative status of 8.16 percent in the third quarter of the last fiscal year 2008/09.

As many as 74,858 applicants for ordinary shares of Prime Bank have been allotted shares. Three million units of shares went on sale from May 24-27 which attracted 335,448 applicants including the bank's 155 employees. The per share value of the ordinary shares stands at Rs. 100

The Biratnagar branch of Rastriya Banijya Bank (RBB) earned the profit of Rs. 180 million last fiscal year. Despite the opening of many private banks, the bank succeeded in earning the net profit worth Rs. 144.7 million in the fiscal year 2065-066

Sunrise Bank has launched two new schemes -- ´Sunrise Lakhapati Bachat´ and ´Sunrise Gold Loan´ for its customers on Thursday. The bank said it had also expanded the existing Sunrise Overdraft Saving Account. Under the ´Sunrise Gold Loan´ scheme, customers can take loan amount of minimum Rs 50,000 and maximum Rs 20 million against gold collateral at 10 percent interest.

NIC Bank has opened two new branches in Surkhet and Dhangadhi. The Surkhet branch was inaugurated by Jagdish Prasad Agrawal amidst a function held on Wednesday

Even though the government has announced a two-year recapitalization plan for Rastriya Banijya Bank (RBB), Finance Minister Surendra Pandey said on Monday that the actual implementation of the plan would depend on the performance of the bank itself. Pandey says: “All the public sector entities are faring badly despite injecting of capital and other reform efforts. The government, hence, is no more willing to inject more capital in them".

Bank of Kathmandu has installed a new automated teller machine (ATM) at ATM Lounge in Kumaripati (Lalitpur).

Nepal Credit and Commerce Bank has installed automated teller machines (ATMs) in Butwal and Siddharthanagar. Keshav Raj Acharya, chief manager of Nepal Rastra Bank, inaugurated the ATMs on Tuesday.

Laxmi Bank will fine account holders of the bank who are repeatedly found issuing bad checks, i.e. checks issued intentionally without sufficient balance in the accounts.

To facilitate trade finance and remittance transfer between Nepal and China, Everest Bank has tied up with Bank of China. Under the arrangement, Nepali traders can open letter of credit as well as transfer and receive money directly from China.

Global Bank Limited on Sunday opened a new branch in Gaighat of Udaypur. On Thursday, it had opened a branch in Dadeldhura and also brought into operations automated teller machine (ATM) to better serve serve its customers.

NIC Bank has opened a new branch in Lahan. The branch was inaugurated by Jagdish Prasad Agarwal on Sunday. With the opening of this branch, NIC has become the first private commercial bank to reach Sagarmatha zone

NIC Bank has opened its 20th branch in Gaighat of Udaypur on Friday. This branch is connected to all other branches via VSAT network, enabling real-time online connectivity.
The bank has also launched a new deposit scheme, Mero Bachat, under which customers can open an account with only Rs 10. Similarly, the bank has re-launched NIC Life Saving Account, a saving account which entitles the account holders to complete health check-up at Norvic International Hospital free of cost.

Everest Bank Ltd has opened its 32nd branch at Lagankhel on Thursday. Kush Kumar Joshi, president of the Federation of Nepalese Chambers of Commerce and Industry, inaugurated the branch

A dispute has arisen between applicants for Sunrise Bank shares and NMB Bank, the share issue manager, after the issue manger disqualified 4,657applications for 1,173,599 share units, citing serious flaws in the application process.

Nepal Rastra Bank on Monday withdrew the suspension of the board of Bank of Kathmandu after disputing board members agreed to patch up their differences and work together for the growth of the depositors and shareholders.

Laxmi Bank opened a new branch at Parsa Bazaar of Chitwan on Sunday, its 19th branch in the country and second in Chitwan. The bank has already opened 15 ATMs in addition to around 400 payment agents across the country

As part of its initiative to extend modern banking facilities to the people living in remote villages, Everest Bank Limited (EBL) has launched Ghar Dailo Banking Sewa -- a mobile banking service -- in Bhaktapur. The service launched on Wednesday is being offered in five VDCs including Nagarkot, Gundu.

A board meeting of Nepal Rastra Bank (NRB) on Thursday decided to immediately make public the “due diligence report” (a detailed report of a bank) on the status of Bank of Kathmandu (BoK). The BoK management had recently withdrawn a case filed against NRB--the central bank--against an NRB decision, taken a month ago, to take over the management of BoK.

Himalayan Bank Limited opened a branch in Swayambhu Tuesday, its 22nd branch so far. Bank Chairman Manoj Bahadur Shrestha inaugurated the new branch

NMB Bank has brought its ninth branch into operation from Monday. The newly opened branch in Thaiba of Lalitpur district, was inaugurated by NMB Chairman Pawan Kumar Golya. The bank is planning to open two more branches within the current fiscal year so that the total number of branches reaches 11.

Kumari Bank has opened a new branch in Butwal. The branch was inaugurated by Shiva Ratan Sharada, chairman of the bank, on Friday, according to the bank.

The trading of ordinary shares of Citizen Bank International (CBI) and Bank of Asia (BoA)-Nepal started in the Nepal Stock Exchange (NEPSE) from Thursday. The NEPSE--the sole secondary market in the country--had listed the shares of both commercial banks for trading a few days ago


bank news (May 2009 and older)

Prime Commercial Bank has received applications worth over Rs 7 billion for its primary issue that closed today. “Our collection exceeded our expectations of Rs 4 million and crossed Rs 7 billion,” said Narayan Das Manandhar, chief executive officer of Prime Commercial Bank.

A director of the suspended board of the Bank of Kathmandu (BoK) has lodged a petition at the Supreme Court (SC) against the decision taken by Nepal Rastra Bank (NRB) to suspend its executive board.

A crucial board meeting of Nepal Rastra Bank (NRB) on Tuesday suspended the board of Bank of Kathmandu (BoK) and took control of its management, amid deepening disputes among promoters of the bank.

Nepal Bank Limited (NBL) has reopened its branch in Dumre Bazaar in Tanahun district. The bank had merged the branch with Damauli branch in 2002, citing security concerns during the conflict. The restart of banking services at Dumre will directly facilitate NBL customers in 40 VDCs of Tanahun, Gorkha and Lamjung. Narahari Dhakal, coordinator of the NBL Management Committee had inaugurated the reinstated branch Thursday

NMB Bank on Monday admitted that 47 applications for Sunrise Bank's initial public offering (IPO) were found missing after they had finished entering all the applications into the computer and termed the loss a human error. The case of the missing share applications came to light after street vendors were seen using the application forms to wrap food. NMB Bank said that applications for 7,140 shares worth Rs. 714,000 were missing from its central office. It has informed Nepal Rastra Bank, Security Board of Nepal (SEBON) and Sunrise Bank about the 47 lost share applications

Laxmi Bank has opened a new branch inside the Patan Hospital complex in Lagankhel. This is the 18th branch of the bank. The new branch will offer a full range of personal and retail banking services, including savings and derivative deposit schemes that yield an interest of up to 7 percent per annum. Other services include home loans, life insurance, credit cards, bill payment, e-banking and loans to small businesses

The four-day-long application period for bidding on Sunrise Bank´s public shares, which received an overwhelming response from investors, closed on Wednesday. The IPO, which was the largest ever IPO floated by a financial institution in Nepal, received 16 times the subscription volume that was on offer. Kishore Maharjan, chief executive officer of the bank, said investors had subscribed for shares whose overall worth is over Rs 6 billion. They bought the shares through 250 collection counters across the country. To meet the demand, the bank had distributed 1.2 million forms.The share applications were offered from Sunday.

Bank of Asia Nepal has expanded its network yet again, by opening a new branch in Narayangadh. Satish Kumar Morjyu, one of the promoters of the bank, inaugurated the new wing on Wednesday. This is the bank´s 14th branch in Nepal. The Narayangadh branch offers all modern banking services, including institutional and personal finance services. It also offers deposit schemes like "Sulav Bachat" and "Samriddhi Bachat," which yield annual interests of 6.5 percent and six percent, respectively.

The Nepal Rastra Bank (NRB) has sought clarification from the board of the Bank of Kathmandu over its decision to remove Radhesh Pant from the post of Managing Director (MD). In a letter sent to the board of directors of the BOK, the central bank has warned that it would take stringent action, including dissolving the board, if the clarification failed to justify the action taken by the BOK board against MD Pant.

In a board meeting of the bank held on Sunday, Everest Bank declared that its operating profit increased by 50.64 per cent to Rs 825.3 million during the first nine months of 2008-09 compared to same period last year. Its deposit base also increased to Rs 29659.5 million — an increase of 31.95 per cent compared to the corresponding period last year. “The NPA has reduced to 0.48 per cent,” said the bank.

A woman employee of Rastriya Banijya Bank, Amarsingh chowk branch, in Pokhara has been accused of defrauding consumers of Rs 29.4 million. Organizing a press conference, victims said that Nirmala Parajuli had been depositing the money of some consumers herself saying she would pay more interest rate than the bank. Parajuli was also accused of withdrawing money from consumers´ accounts misusing checkbooks and passbooks of consumers and through fake signatures.

NCC Bank has been able to post Rs 408.1 million operating profit in the third quarter of this fiscal year. It also increased its capital adequacy ratio (CAR) to 12.51 per cent, more than Nepal Rastra Bank's 10 per cent under Base l-II. NCC's non-performing assets (NPAs) also declined by 9.14 per cent.

A high-level committee formed by the government to deal with the cases related to willful loan defaulters has initiated investigations against the official banks responsible for sanctioning the troublesome loans. Read more.

Citizens’ Bank International Ltd has completed its second year of operation and entered its third year. “After its successful primary issue, issued capital of the bank touched Rs 1 billion,” said the bank. It also posted operating profit of Rs 124.832 million by the end of the year 2065 BS. Currently, it is providing services through nine branches. Soon, it will open new branches in Birtamod, Narayanghat, Butwal, Dhangadhi, Kalanki, Nayabazar and Thahiti.

Sunrise Bank Limited launched a new deposit scheme ‘Sunrise Nava Barsa 2066 Muddati Patra’ from April 14. On minimum Rs deposit of 500,000.00 there will be nine per cent interest per annum. Interest on fixed deposit will be posted in half yearly basis. The bank will give overdraft against account with 10 per cent interest yearly. This offer will last till June 14, 2009.

Investors of Citizens’ Bank International Limited returned empty-handed and seething today when issue manager Ace Development Bank Limited failed to return their deposit. Nearly half of the collection money remained unreturned.
Citizens’ Bank shares were opened to the public from January 10 to 14 and the allocation was made on April 9. Around 17,750 people including 115 employees got shares whereas the total number of applicants was 275,042. The issue manager, Ace Development Bank, has to return full deposit of 58.64 million units of share equivalent to Rs 5.864 billion. Read more


NMB Bank Ltd has made changes in its Board of Directors. Pawan Kumar Golyan of Golyan Group has been chosen chairman of the Board. According to a press statement, Aatma Ram Murarka, Purushottam Lal Shangai, Employee Provident Fund and Young Reality SDN BHD are members of the Board.

Securities Board of Nepal (Sebon) has granted merchant banking status to two financial institutions, Civil Capital Market Limited (CCM) and Nepal Sri Lanka Merchant Banking and Finance Limited (NCMBF), here today. Now, the number of issue manager has reached 14. Meanwhile, Sebon permitted SunRise Bank Limited to float shares. The bank had applied for issue of 3.75 million units of shares

Siddhartha Bank Ltd chairman Chiranjilal agarwal on Wednesday unveiled its new corporate logo. He said that the change in the logo was an important milestone for all the stakeholders of the bank as the new logo reflects the bank’s new commitment and the new promises that it holds for all of its customers.

As a part of its Knowledge Series workshops, the Bank of Kathmandu (BoK) is going to organise "Mine Your Own Business"-a workshop related to management concepts- on 9th April, 2009 at Hotel Soaltee Crown Plaza. "During the workshop, Sanjay Chowdhary, Managing Director, Gray Matters, and Krishnendu Banik, Director, Mind Studio India, will teach participants about how to "mine" their business with the help of people and deliver maximum value for the organization".

Kist Merchant Banking and Finance Ltd on Sunday inaugurated its 20th branch office at Koteshwor in Kathmandu. The 26th commercial bank, which got the approval from Nepal Rastra Bank last Monday, will open five more branches soon. Right now, there are 173 financial institutions under NRB.

Himalayan Bank Ltd chairman Manoj Bahadur Shrestha on Sunday inaugurated the bank’s 20th  branch in Chabahil at Chucchepati. Speaking on the occasion, bank CEO Ashoke SJB Rana said that in the first seven months of the current fiscal year, the bank’s deposit base had grown to above Rs 32.14 billion and loan portfolio was over Rs 22.46 billion. It also reduced its NPA level to 1.84 per cent. “HBL has channelled remittance inflow worths $312 million as of Magh end,” he said

NIC Bank Ltd started operations of its 19th branch office at Samakhusi on Sunday. According to the bank, it has seven branches in Kathmandu valley and the new branch will make it a total of 19 branches throughout the country. The bank is planning to add three more branches within the current fiscal year

Bank of Asia Nepal (BoAN) inaugurated its branch office at Dharan on Thursday. The bank till mid February registered deposit of Rs 5.23 billion and total credit flow of the bank is Rs 5.19 billion. It is planning to open its branch offices at Samakhusi, Maharajgunj, Bouddha, Baghbajar, Kausaltar, Narayangarh, Pokhara, Butwal and Nepalgunj.

Nepal SBI Bank Ltd has opened its 25th branch at New Baneshower to provide quality banking services to its customers. Indian ambassador to Nepal Rakesh Sood formally inaugurated the Bank’s New Baneshwor Branch amid a select gathering on Wednesday

Padma Jyoti, chairman of Jyoti Group and R K Ummat, CEO of Everest Bank Ltd today jointly launched the Easy Finance scheme for Honda/ Hero Honda motorcycles outside the Kathmandu valley. This is the first time Syakar Company Ltd — the authorised distributor of Honda/ Hero Honda motorcycles for Nepal and Everest Bank have joined hands for a scheme that is aimed at providing Honda/Hero Honda bikes on easy monthly installments to customers outside the Kathmandu valley. Syakar Company Ltd will provide its motorcycles under EBL’s financing scheme with an easy loan at 10 per cent interest.

Ashok Rana, CEO of Himalayan Bank Ltd (HBL) and Ajablal Yadav, MD of Dairy Development Corporation (DDC), signed an agreement on Sunday to grant a loan of Rs 1 million for dairy cooperatives. The cooperative should make the loan repayment within three years and the loan granted will be used for the purchase of necessary equipment and establishment of dairy chilling plants.

Nepal SBI Bank Ltd inaugurated its 24th branch office at Ghorahi, Dang on Sunday. The bank has also brought its new scheme, educational loan for Nepali students in Australia and other countries. The bank, with extension counters and 24 branch offices, now has a total of 30 business units.

Bank of Asia Nepal (BoAN) has brought into operation its new financial service called, ‘Enterprise Financial Solutions’ for the promotion of small industries and businessmen. The bank till the end of Magh month registered a deposit of Rs 5.23 billion and credit of Rs 5.19 billion

Nepal SBI Bank inaugurated its 23rd branch office at Maharajgunj on Tuesday. The bank is planning to open its branch offices at three more places within the valley at Kalanki, New Baneshwor and Bhaktapur. It is also planning to open six branch offices outside Valley

Rastriya Banijya Bank (RBB) in the first six months of the present fiscal year has registered a net profit of Rs 1.11 billion, an increment of 165.8 per cent in comparison to the same period last year. The bank has posted an operating profit of Rs 648.6 million, an increment of 121.09 per cent compared to same period last fiscal year.

Royal Merchant Banking and Finance opened its first branch office at Kamalnagar Chowk in Narayangarh on the occasion of its eighth anniversary. The financial institution has posted Rs 10 million profit in the first half of this fiscal year. It will distribute 1:1 rights shares soon.

Himalayan Bank Ltd inaugurated its 19th branch in Palpa on Thursday. The bank has reduced its NPA to 1.84 per cent from 2.36 per cent. The deposit base of the bank has also grown to above Rs 32.45 billion and the loan portfolio is over Rs 21.35 billion.

Kist Merchant Banking and Finance Ltd opened its 17th branch office in Chitwan on Wednesday. The company is planning to open branch offices at Dolakha, Bhaktapur, Banepa, Ratna Nagar, Koteshwor and Sinamangal

Citizens’ Bank International’s Initial Public Offerings is oversubscribed by over 15 times to around Rs 5 billion. “The IPOs subscription crossed Rs 3 billion till yesterday,” Pramod Pandeya, head-R&D at the Ace Development Bank, the issue manager of Citizens’ IPOs, said adding that today evening collection might touch around Rs 2 billion making it a total of around Rs 5 billion.

Nepal Investment Bank Ltd opened its 26th branch in Palpa on Sunday. The branch will be linked through ABBS (Any branch Banking Services) to all other 25 branches. Key services provided include deposit and lending, foreign exchange, retail banking, import, export - letter of credit, guarantees and remittance. NIBL plans to have 50 branches in the country within two years.

Rastriya Banijya bank (RBB) held a two-day evaluation meet of 23 branches in the Pokhara region. The bank has 12 ATMs and 107 computerised branches, said deputy general manager Krishna Prasad Sharma. RBB plans to increase its branches to 150. Of the 23 branches in Pokhara region, only 16 have earned profit.

bank news (2008)
Nepal SBI Bank approved 25 per cent bonus share and 50 per cent right share from its 15th Annual General Meet (AGM) on Friday, states a press release. The AGM also decided to increase its authorised capital to Rs 2 billion.

Kumari Bank Ltd (KBL) will launch a new savings deposit scheme “Twinkle Star” for children with effect from December 28. According to a press note, the scheme features an interest rate of 6 per cent per annum. The account can be opened with a balance of Rs 1000 for children below 16 years of age.

Nepal SBI Bank inaugurated its 18th branch at Damauli in Tanahun district on Tuesday. The bank has seven branches within the valley and it is planning to open seven more branches at Surkhet, Ghorahi, Tamghas, Tansen, Hetauda, Ithahari and Ilam

Kumari Bank has launched a new saving deposit product for women ‘Subha Laxmi Bachat’ from December 24. This product features an interest rate of six per cent per annum and can be opened at a balance of Rs 1,000, states a press release. The product is offered through any of the branches of the bank that has promised to launch other innovative products in the future.

Bank of Kathmandu opened its 22nd branch at New Baneshwor on Thursday in Kathmandu to offer more varied banking services. The bank provides services from 30 places in the country, including six counters at different places. It also has 25 ATM counters.

Krishna Hari Baskota took charge as chairman of Rastriya Banijya Bank (RBB) board from Wednesday. On the occasion, RBB CEO Janardhan Acharya expressed pleasure over Baskota’s appointment and hoped his rich experience as a senior official at the ministry would be useful to the bank that is slowly making a comeback from its past.

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