NMB Bank’s ‘Historic’ Merger
NMB Bank started its integrated operation from Sunday after a historic merger with four financial institutes - Pathivara Bikash Bank, Clean Energy Development Bank, Prudential Finance including NMB Bank itself. The meerged bank has retained the name NMB Bank.
Speaking at the programme, NMB Bank Chiarman Pawan Kumar Golyan said that with the merger, the bank now aims at a spot among the country’s five major commercial banks. “We now easily can meet the target within two years. We are committed to making the bank an outstanding bank,” said the bank’s CEO Upendra Poudyal. NMB Bank’s integrated operation following the merger was inaugurated by Deputy Prime Minister Bijaya Kumar Gachchhadar.
Now the bank has a paid-up capital of Rs 6.20 billion, including the reserve fund. The bank was transformed as commercial bank seven years ago after operating as a Class C financial institution for 18 years. “We hope to easily meet the new paid-up capital requirement of Rs 8 billion in the next two years,” says Poudyal. According to Podyal, NMB’s foreign partners, Young Lian Malaysia and FMO of the Netherlands, are also going to increase the investment to help raise the paid-up capital.
FMO is going to make a new investment of 20 percent of the paid-up capital after merger. The bank expects that partnership with FMO will assist in energy, international business and capital market and also help create a strong capital base.
After the merger, NMB’s total deposit has reached Rs 54 billion and loan Rs 41 billion. Now the bank has 39 branches, 42 ATM outlets and seven extension counters.
Biratlaxmi Development Bank Declares 25% Bonus Share
A board meeting of the Biratlaxmi Development Bank ltd held on October 18 has proposed the distribution of a 25 percent bonus share to its shareholders. As per the press statement, the bank will distribute the bonus share after approval from Nepal Rastra Bank and the upcoming bank’s Annual General Meeting. According to Hemanta Raj Neupane, company secretary, after distributing the bonus share the paid up capital of the bank will be Rs.420.53 million.
Himalayan Bank Supports Orphanage Centre
Himalayan Bank has shown its support to Helping Hands Children Home, Chhauni by distributing various essential materials to the childrens home. In a programme on October 18 the bank distributed clothes and shoes to the 21 children at the home. Helping Hands has been providing shelter to orphans from different parts of the country. Representing the Himalayan Bank, Deputy General Manager Ujjwal Raj Bhandari handed over the materials to the orphanage centre.
Kailash Bank Approves 24% Bonus Share
The 22nd Annual General Meeting (AGM) of Kailash Bank held in Pokhara on October 17 has approved the distribution of a 24 percent bonus share to its shareholders. The AGM also approved the bank's financial statement for the fiscal year 2014/15.Similarly, the meeting decided to increase the authorised capital up to Rs3.50 billion. The bank has 24 branches and 14 ATM centres.
Koirala Appointed Chairman of Kamana Development Bank
Rajendra Nidhi Koirala has been re- nominated as Chairman of Kamana Development Bank. He was appointed as chairman through a board meeting held after the annual general meeting on October 15. The meeting also approved the report presented by the board of directors and the financial statement of the fiscal year 2014/15.Similarly, the meeting also decided to provide 23.79 percent dividend to its shareholders. Likewise, among the promoter shareholders Rajendra Nidhi Koirala, Chaturakhar Adhikari, Khem Nath Bhattarai, Dev Krishna Kafle and Bishnu Raj Parajuli were unanimously nominated to the board of directors.
NB Bank Branch in Imadol
Nepal Bangladesh Bank has opened a new branch in Imadol of Lalitpur District. On October 16 Chairman of the bank Mohammad Lutfar Rahaman inaugurated the new branch. Gyanendra Prasad Dhungana Chief Executive Officer of the bank was also present at the programme. Now the bank has a total 33 branches in Nepal.
NRB approves Om Finance Decision
Nepal Rastra Bank (NRB) has approved the latest decision taken by Om Finance Ltd on its distribution of bonus shares.
A board meeting decided to distribute 27.07 percent bonus shares and a 1.42 percent cash dividend to its shareholders from the net profit earned in the fiscal year 2014/15.
Recently, Om Finance and City Development bank signed a memorandum of understanding to merge to form a national level development bank that will be named Om Development Bank Ltd.
Sanima Bank Approves New proposals
The 11th AGM of Sanima Bank has approved a 20 percent bonus share and 1.05 percent cash dividend to its shareholders. Similarly, a proposal to issue 50 percent rights shares after distributing bonus shares was also approved. The bank’s AGM was held on October 15.