BoK now at Kanchanpur
Bank of Kathmandu (BoK) Ltd has opened a new branch in Bellauri, Kanchanpur. Nepal Rastra Bank Deputy Governor Maha Prasad Adhikari inaugurated the branch amidst a function. BoK now has a total of 51 branches. This comes as part of the bank’s second partnership with the Sakchyam Access to Finance programme to open new branch offices in rural and semi-urban market segments in the mid and far-western districts of Nepal.
Speaking at the event, bank CEO Ajay Shrestha said that the bank is committed to improving access to finance in rural parts of the country. “Opening the Bellauri branch is aligned with our objective of providing better access to financial products to the people of the region who are already benefiting from the Sakchyam Sana Kisan Ukhu Karja programme,” said Sakchyam Team Leader Baljit Vohra.
Sakchyam is an access to finance initiative funded by UK Aid and is implemented by Louis Berger for DFID Nepal in partnership with local and international partner institutions.
Citizens on IPS
Citizens Bank International (CBIL) has been included in the country’s Interbank Payment System (IPS) after signing a MoU with Nepal Clearing House (NCHL). CBIL Deputy Chief Executive Officer Ganesh Raj Pokharel and NCHL CEO Nilesh Man Singh signed the deal.
Now CBIL customers will be able to make transactions with NCHL member banks and financial institutions. The bank said the transactions will be secure, easy, fast, inexpensive and reliable.
Global Bank New Branch at Besisahar
Global IME Bank’s newest branch has come into operation at Besisahar of Lamjung. The branch was inaugurated by NRB Governor Dr. Chiranjibi Nepal. The bank now has 89 branches, six extension counters, 10 revenue collecting counters, 93 ATMs, 39 branchless banking outlets.
Himalayan Bank helps New Children Homes
Himalayan Bank has helped the New Children Homes (NCH) located at Hattigauda, Kathmandu. Under the bank’s CSR activities, the bank provided clothes and food items to 30 children of NCH. The bank’s General Manager, Susil Joshi handed over the goods, according to a press release issued by the bank.
Himalayan Bank Starts Electronic Payments
December 10, 2015. Nepal Clearing House Ltd. and Himalayan Bank Ltd. have agreed to start inter-banking electronic payments. Chief Executive Officer of Nepal Clearing House, Nileshman Singh Pradhan and Chief Executive Officer, Asok Kumar Jawara, of Himalayan Bank signed the agreement.
According to the bank’s press release, dividends, premiums, social security payments, remittances, bills, among others can be paid through the system.
The company has already signed similar agreements with Citizens Bank and Goodwill Finance Company. The company plans to expand the payment system to other BFIs in the future.
Global IME Opens in Far-western Region
Global IME Bank has started new branchless banking services at three locations in the Far-western region in collaboration with Sakshyam Access to Finance. The service has been opened at Deulek-3 and Khochlek of Baitadi district, Alital-5, Mastmandau and Sakail of Dadeldhura district, areas normally cut off from banking services. The bank has appointed Haris Karki, Tejraj Bhatta and Suresh Shahi as its business representatives for Deulek, Alital and Mastmandau respectively.
Global IME had already opened two extension counters and three branchless banking outlets in Baitadi and Dadeldhura districts to provide financial services to the people of the Far-west region. The branchless banking service includes facilities for depositing money, dispensing cash, recharging mobiles and transferring money from personal accounts.
Mega Bank Launches ‘Mega Visa Credit Card’
Mega Bank has brought into operation a new product called Mega Visa Credit Card for its customers from December 16. The card can be used in both domestic and international markets, according to a press release from the bank.
Similarly the bank has introduced Mega Visa Travel Card for its customers travelling abroad. The card can be used the world over, said the bank which has already launched Mega Visa Debit Card.
“With its association with international brand of VISA Cards, the Bank’s Card network has expanded further and even though the Bank has launched Mega Visa Card Products, the customers can still enjoy the benefits of SCT Card in the SCT network,” said the press release. With 29 branches across the country, Mega Bank is currently operating its own 32 Mega Money Machines (ATMs) - 14 inside and 18 outside the Kathmandu Valley.
Sanima Starts Online Payment
Sanima Bank has now started online payment services. The service enables customers to make online payments for international exams like TOFEL, IELTS, GMAT, etc. Currently, the service is available at the bank’s Naxal and Baneswor branches.
Metro Development Bank Celebrates 7 years
With its head office at New Road, Pokhara, Metro Development Bank recently celebrated its 7th anniversary. To mark the occasion, the bank organised a blood donation programme with a total of 29 units of blood being collected, informed bank CEO Surya Prasad Tiwari. The bank, as of October 2015, had collected Rs 2.17 billion in deposits and given out loans of Rs 1.79 billion. Furthermore, the bank has agreed to merge with Kailash Development Bank.
NIC ASIA Supports Orphans of Namuna Bal Griha
NIC Asia Foundation, a charity wing of NIC Asia Bank, donated Rs 204,000 to the Namuna Bal Griha orphanage in Urlabari, Morang amidst a function held on Dec 1.
Over the years, the Foundation has been providing scholarships to disabled and orphan children in the region. It has also been providing support to the children by organising free health services, blood donation progammes, constructing old age homes and emergency medical facilities for the needy.
Nabil Hands Cheque to Community School
Nabil Bank has donated Rs 120,000 to Shree Gagri Kanya Gurukul Academy for the education of girls. The bank said it was fulfilling its CSR activities by continuing its assistance which started three years ago. The bank CEO Sasin Joshi handed the cheque to the Academy. The academy is dedicated to the educational development of girls from different communities.
Siddhartha and Deva Sign Remittance Deal
Siddhartha Development Bank Ltd (SDBL) and Deva Bikash Bank (DBB) Ltd have entered into a remittance agreement. The agreement is expected to expand the services of SDBL Trust Remit. SDBL CEO Ajaya Kumar Mishra and DBB CEO Bijay Bahadur Shrestha signed the agreement on behalf of their respective banks. With the agreement, customers of DBB can send and receive remittance from all branches of DBB through SDBL Trust Remit.
Business Universal now at Phursyang
Business Universal Development Bank has opened a new branch at Phursyang of Kaski. The branch was inaugurated jointly by senior educationist Heramba Prasad Koirala and bank president Milan Kumar Baidya on Dec 11. The bank will soon open another branch at Old Baneshwor.
Sunrise in IPS
Sunrise Bank has been included in the country’s Interbank Payment System (IPS) after signing a MoU with Nepal Clearing House (NCHL). The CEO of Nepal Clearing House Nilesh Man Singh Pradhan and Sunrise Bank’s CEO Ratna Bajracharya signed the agreement.
The bank said its customers will be able to make transactions with NCHL member banks and BFIs.
Sunrise Bank Helps Youth Centre
Sunrise Bank, on the occasion of International Disabled Day, has provided assistance to the Nawa Jyoti Centre of Baluwatar, Kathmandu. Under its CSR activities the bank donated two sets of electric water dispensers and also distributed fruits and food items to the children studying at the centre in a programme attended by the bank’s CEO Asha Rana Adhikari.
City Development Approves Merger
The 9th AGM of City Development Bank has approved the merger proposal with Om Finance which has its head office at Pokhara.
The bank, till mid July, had collected deposits of Rs 5.6 billion and invested Rs 4.16 billion as loans, as the bank earned Rs 240 million in operational profits. The bank also elected Rajendra Kumar Bataju as chairman of the bank in a meeting held after the AGM.
Everest, Ace Join IPS
Everest Bank Ltd has signed an agreement with Nepal Clearing House Ltd (NCHL) for Inter Bank Payment System (IPS). Chief Executive Officer of Everest Bank, AK Ahluwalia and Neelesh Man Singh Pradhan, Chief Executive Officer of the NCHL, signed the agreement on Dec 19.
Similarly, Ace Development bank has also joined the IPS. On the same day, Suyog Shrestha, Chief Executive officer of Ace Development Bank and Neelesh Man Singh Pradhan, CEO of NCHL, signed the agreement regarding IPS. With the NHCL -IPS system, customers of bank have privilege to interbank payment and fund transfer. Similarly, this system helps in transferring money, dividend payment, IPO- refund, remittance service and any kind of payments and receipts, according to a press statement.
Mega Bank Branchless Banking in Dang
Mega Bank Nepal Limited in continuation with expanding the bank’s Branchless Banking Service, has initiated two more Branchless Banking (BLB) Services from Duruwa and Manpur VDCs of Dang district. As per the Chief Executive officer of Mega Bank, Anil Keshary Shah, the Branchless Banking Service has been established for the convenience of the people in the rural areas with a vision to provide them financial empowerment through financial inclusion. With the support of Sakchyam Project this year the bank aims to establish 30 new Branchless Banking Service outlets in the far western regions as well as in many districts of Nepal.
BoK, Lumbini Bank Sign Merger Deal
Bank of Kathmandu (BoK) and Lumbini Bank Ltd have entered into a Memorandum of Understanding (MoU) for a merger. The MoU was signed on Dec 24, 2015 by Satya Narayan Manandhar, Chairman of BoK and Prof Hem Raj Subedi, Director of BoK and Prakash Shrestha, Chairman of Lumbini and Subarna Lal Shrestha, Director of Lumbini Bank.
After the merger, the new bank will become Bank Of Kathmandu Lumbini Ltd. The swap ratio of the BoK and Lumbini Bank has been agreed at 1:0.8281. However, it is subject to regulatory clearance and approval of shareholders meetings of both the banks. The merger is planned to be completed within the current fiscal year.
Both the banks have entered into MOU with their plan to meet the minimum capital requirement within the financial year 2016/17 as stipulated by the Nepal Rastra Bank. The paid up capital of BoK for fiscal year 2014/15 was Rs.2.12 billion which will be increased to Rs.2.67 billion after the approval of proposed bonus shares. Similarly, the paid up capital of the Lumbini Bank Ltd. for the fiscal year 2014/15 was Rs.2 billion which will be increased to Rs.2.30 billion after the approval of the proposed bonus shares.
Siddhartha, Ekata and Nepal Aawas Merge
Kathmandu based National Level Siddhartha Development Bank Limited (SDBL), Butwal based Regional level Ekata Bikas Bank Limited (EKBL) and Nepal Aawas Finance Ltd. (NABB) have signed a Memorandum of Understanding (MoU) to enter into a merger.
Ram Bahadur Bhandari, board member of SDBL, Khim Nath Sharma, board member of EKBL, and Khem Raj Pant, board member of NABB signed the agreement on Dec 22. The merged entity will be called Siddhartha Development Bank Ltd. The joint operation is scheduled to start from March 2016. According to the agreement, the Chairman and the post of the CEO of the merged entity will be from Siddhartha Development Bank.
Vibor Bikas, Society Development Bank to Merge
Vibor Bikas Bank Ltd. (VBBL) and Society Development Bank Ltd. (SODBL) have signed a Memorandum of Understanding (MOU) to merge. The chairman of both banks, Mohan Das Manandhar from VBBL and Sushil Raj Parajuli from SODBL signed the MoU on Dec 23. The merged entity will be named Vibor Society Development Bank Ltd. The merger is set to happen by June 2016. After the merger the paid up capital of the merged entity will be Rs 1.81 billion, deposits will amount to Rs 11 billion and loans to Rs 9 billion.
Sunrise, Prabhu Sign Remittance Deal
Sunrise Bank Limited has signed an agreement with Prabhu Money Transfer to establish remittance services. Issuing a statement, Assistant General Manager of Sunrise Bank Rabin Nepal and Prabhu Money Transfer Deputy General Manager Rameshwor Sapkota signed the agreement on behalf of their respective companies. Following the agreement, all branches and counters of Sunrise Bank will be providing services to the clients of Prabhu money transfer. The agents of Prabhu money transfer can directly deposit money in the Sunrise bank account.