Banking Activities August 2015

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Yeti Development Bank Helps Quake Affected
Yeti Development Bank has distributed mats to 150 earthquake families affected by the April earthquake in Bhaktapur, as part of its Corporate Social Responsibility (CSR). Deepanjali Kahkurel, the bank’s assistant marketing and PR manager, and Aash Jareju, head of the bank’s Bhaktapur branch, jointly distributed the mats.

BoK, Sakchayam Sign New Pact
Bank of Kathmandu (BoK) and Sakchyam Access to Finance Programme have signed a partnership agreement aimed at offering banking services in rural and semi urban market sectors. This is the second partnership signed since February by BoK and Sakchyam and under the new agreement the bank will operate six new branches in Bardiya,Dang, Kanchanpur, Kailali, Pyuthan and Rupendehi.

The two signatories of the partnership believe that the venture will successfully provide easy banking services to the rural and semi urban market segments ultimately benefitting the region’s economic development. BoK and Sakchyam informed that the undertaking will offer a complete financial package such as savings and micro loans targeted at small farmers, women entrepreneurs, small businesses, as well as remittance services and specially made financial schemes to SMEs operating in the region. 

Similarly, BoK will also strive to promote its services further by providing 'wholesale loans' to local financial institutions.

Ajaya Shrestha, CEO of BoK said that the bank will continue its efforts to make banking more available, while Surya Prasad Acharya, President of Sakchyam coordination committee and junior secretary at the Ministry of Finance added that BOK’s presence in the region will help increase the financial activities of the local people.

Sunrise Surakshit Ghar Karja
Sunrise Bank, in association with Prime Life Insurance, introduced its ‘Sunrise Surakshit GharKarja’, a home loan scheme that will also include a life insurance policy. Sunrise CEO Ratna Raj Bajrachayra and Prime Life CEO Manoj Kumar Bhattarai signed the agreement. Under the scheme, customers will be able to take out loans ranging from Rs 500,000 to Rs10 million. 

Laxmi Bank Adds Two Branches  
Laxmi Bank has opened two branches in Siraha and Hetauda. With this, the bank now has a total 44 branches.
Customers at these new branches can expect internet and mobile banking services as well as access to comprehensive financial services for small business owners and farmers. The bank has also recently started a mutual fund service under the name of Laxmi Value Fund.

Himalayan Bank Donates to Relief Fund
Himalayan Bank has donated Rs 20 million to the Prime Minister's Disaster Relief Fund. According to the bank,of the Rs 20 million, Rs 10 million was donated by Hibab Bank of Pakistan. Himalayan Bank CEO Ashok Shamsher JB Rana and Habib Bank GM IjajKadir Gil handed over the cheque to Prime Minister SushilKoirala on July 7.

Janata Contributes to PM Fund
Janata Bank has donated Rs 2 million to the Prime Minister’s Relief Fund. Bank Chairman Udaya Nepali Shrestha handed over the cheque to Prime Minister SushilKoirala on July12. Board members Keshav Bahadur Rayamajhi, Dharma DhojParajuli, Ram Chandra Shah, Bhimananda Dhungana and CEO Kumar Lamsal were also present on the occasion.

Standard Chartered Tops Euromoney
Euromoney has awarded Standard Chartered Bank its Euromoney Award for Excellence 2015. According to the results, Standard Chartered’s financial strategy fared best in comparison with other banks. Previously, the globally distributed financial paper recognized Standard Chartered as, "The World’s Best Emerging Market Bank 2014". Euromoney was established in 1969 to cover the international capital market.

Citizens Acquires National Capital
Citizens Bank has acquired National Capital and Investment Market to carry out its merchant banking activities. According to the bank, National Capital will act as an issue manager for the bank. A letter of agreement to this effect was signed between Citizens Director Pabitra Kumar Karki and National Capital Chairman Bidhya Krishan Shrestha. 

Citizens Bank Supports Quake Survivors
Citizens Bank has helped the earthquake survivors of Sindhuli by distributing zinc sheets and 10 kg rice, 1 kg salt and 1 liter cooking oil each to 150 households. Acting president of the bank Bal Krishna Prasain distributed the materials, the bank said in a statement. Similarly, the bank has provided two computers to Shree Dirghapradip Higher Secondary School, Shitalpati.

Reliable, Lumbini Sign Remittance Deal
Reliable Remit and Lumbini Bank have signed an agreement that will allow customers of Reliable Remit to receive remittances from any branch of Lumbini Bank. Reliable Development Bank’s CEO Narayan BabuLohani and Lumbini Bank’s Deposit Relationship Chief Ritesh Lamichhane signed the agreement.

NCC Approves 40 pc Dividend 
Nepal Credit and Commerce Bank (NCC) bank announced a 40 per cent dividend for its shareholders. Shareholders of the bank will receive a 38 per cent bonus share and 2 percent cash dividend. The decision was approved by the annual general meeting of the bank, held in Siddharthanagar, Rupandehi on July 15.  After distributing the dividend, the paid up capital of the bank will cross Rs. 202 million, the bank said in a statement.

Remittance Deal between Best and Sunrise 
Best Remittance and Sunrise Bank have reached an agreement to allow customers of Best Remittance to receive money from any of the 56 branches of Sunrise Bank. Sunrise’s Vice-chairman Rabin Nepali and Best’s President Anil Gurung signed an agreement to this effect. According to Best remit, money sent from abroad using its channel can now be received from 2,500 agents and sub-agents, as well as partner financial institutions.

Garima, Nilgiri Development Bank Merge
Garima Development Bank and Nilgiri Development have merged to form a national level development bank. The bank formed after the merger, Garima Development Bank, was inaugurated by Nilam Timilsina, Director, Nepal Rastra Bank, Pokhara. Bank CEO Garima Govinda Dhakal informed that the head office will be in Mahendrapool, Pokhara. The bank now has 85 promoters and a paid up capital of Rs 710 million.

City Development Bank, Om Finance Enter Merger
City Development Bank and Om Finance have signed a memorandum of understanding to merge the two financial bodies. The new entity will be called Om Development Bank, said a statement. After the merger, Sushil Kumar Goshali will be Chairman, Bishwor Mohan Adhikari CEO and Buddhi Malla deputy CEO. City and Om were both based in Pokhara.

Prabhu and Prime Ink Insurance Deal
Prime life Insurance and Prabhu Bank have signed an agreement to provide insurance cover to borrowers of the bank. According to the agreement, any borrower taking out a housing loan or vehicle loan is illegible for life insurance from Prime Life Insurance Company. Under the deal, if a borrower dies before a debt is cleared then Prime life insurance will pay the remaining principle amount. The scheme will minimise bad debt and support families in distress, said the bank.

Pant New President of National Banking Institute
Lumbini Bank CEO Sobhan Dev Pant has been appointed president of the National Banking Institute. Similarly, the institute informed that CEO of Saral Micro Finance Jyoti Chandra Ojha and NMB Bank CEO Upendra Paudyal were appointed as members of the board.

The institute was established with support from Nepal Bankers’ Association, Nepal Rastra Bank and Rural Micro Finance Development Centre.

Clean Energy Merges with NMB Bank
Clean Energy Bank is on the verge of merging with NMB bank. A merger proposal was put forward during a recently-concluded special annual general meeting. After the proposal receives the go-ahead from NRB, the properties and liabilities of both banks will be assessed. The meeting also authorised the Board of Directors to complete the merger.

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