NIC Bank in Lahan

NIC Bank Ltd has opened its 15th branch in Lahan.

“This is the first branch of any private commercial bank in the city,” states a press release. The new branch will provide a full range of products and services including all modern banking facilities-trade finance, remittance, business and customer loans, ATM/debit cards, drafts, SMS banking and travellers cheque issuance. The branch is connected to all other branches through a V-SAT network enabling real-time online connectivity. NIC Bank plans to open branches in Dhangadhi in far western region and Battisputali in Kathmandu soon.

Source: The Himalayan Times
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NCC starts e-banking

Nepal Credit and Commerce (NCC) Bank has started internet banking (e-banking) services from Friday. The customers can check their balance statement and print it, states a press release issued here by the bank. The bank will soon add more features to the e-banking service, which is available through www.nccbank.com.np. The new service is available through all 17 branches of NCC Bank.

Source: The Himalayan Times
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IME turns seven

International Money KATHMANDU: International Money Express (IME) has completed its sixth years of operations and entered seven from Thursday. Started in 2002, IME is the first private money transfer company in the country. IME has over 350 outlets to distribute remitted money in all 75 districts of the country, whereas its international network has expanded from Malaysia to Saudi Arabia, Qatar, Bahrain, England, Israel, Brunei, Singapore, Oman, Australia, South Korea and the USA, states a press release. IME has been providing swift money transfer services to Nepali workers abroad, states the release.
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FNCCI comes up with 20-yr vision

Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has come forward with strategies to attain 20 percent GDP growth rate.

During the special annual general meeting of the private sector's umbrella organisation, its president Kush Kumar Joshi demanded leading role for the private sector for economic revolution.

The 20-year vision developed by the FNCCI stated that 10,000 MW hydroelectricity can be generated within the next 15 years and another 10,000 MW in next five years. This is in line with the agenda raised by the Maoists during the Constituent Assembly election campaign.

Similarly, the private sector has also vowed to provide employment to half a million people within the next five years and raise the per capita income to US$ 1,500.

The vision paper also expects to achieve 15 percent growth in the export sector and to increase private sector investments by 45 percent during that period.

The FNCCI proposed the concept of build-operate-own and transfer and public-private partnerships in construction of physical infrastructures for electricity, education, roads, health, and fast track projects among others.
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NLICL to give 100% bonus share

National Life Insurance Ltd. is about to distribute 100% bonus share and right share to the shareholders. The 20th AGM held on 12th June, 2008 decided on this issue. In order to increase the paid up capital to Rs. 250 million the issue is being made.
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CMB to distribute bonus share and dividend

Capital Merchant Banking & Finance Ltd. is going to distribute 15% bonus share and 0.83% dividend. The 6th AGM held on 12th June, 2008 decided on this matter. Within two years the company is planning to uplift itself as development bank and increase its paid up capital.
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Himalayan Bank issuing Reedemable Bond

Himalayan Bank is going to issue 7-year Redeemable Bond worth Rs 500 million at the rate of 8.0% interest to its bondholders. The company is issuing the bond from 22nd June, 2008 to 26th June, 2008 (2065 Jestha 8 to 2065 Jestha 12).
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Nepse rejects listing application

To protect the investors, Nepal Stock Exchange (Nepse), the sole secondary market, today refused to list Merchant Finance Company Ltd's shares for trading.

Nepse, propelled by the financial companies, smelled rat after it found the Merchant Finance Company's prospectus misleading and accounts in red since it started operations in 2052 BS. "The company has been continuously in loss since it started its operation," Rewat Bahadur Karki, general manager at the Nepse said, adding that the prospectus of the company is also misleading. After the listing, shares of the company is most likely to go sky high as other financial institutions.

"Once, its shares are listed, the investors, who buy it thinking of making money might find themselves being cheated," he added.

Its not the first time for Merchant Finance Company, promoted by entrepreneurs and former Nepal Bank Ltd employees like Gambher Bajracharya, Dev Jyoti Kansakar, Gopal Manandhar, Bishnu Man Joshi, Shubha Kaji Shakya and Roshan Lal Shrestha that it found itself in such a situation.

Earlier, Nepal Rastra bank (NRB), the regulatory authority, has also stopped the company to collect deposite due to its bad financial health. "The central bank has also directed the management to appointment new management team," Samaj Prakash Shrestha, CEO of the company, said, adding that his appointment one-and-a-half year ago was also according to the NRB directives. According to him, the Nepse has objected to the loss it has been incurring since its operation.

"The company had projected profit for the fiscal year 2063-64 BS in its prospectus," he agreed, "But the company posted a loss in the fiscal year 2063-64 due to loan-loss provisioning." The company — that started its operation on 2052.11.14 — floated its 114,000-unit shares at Rs 100 face value to the public after 13 years, on 2064.4.28. Despite, its ‘poor' financial health, its Initial Public Offering (IPO) was oversubscribed by around four times. The issue manager, Nepal Finance And Savings Company Ltd of Merchant Finance and Securities Board of Nepal, (Sebon), the regulatory authority of the capital market, have also been blamed for not being thorough in their procedures.

On 2065.1.30, the company applied to the Nepse for the listing. But the Board of Director's (BoD) meeting of the Nepse on 2065.2.23, last Thursday, rejected its application on the grounds of its poor financial health and the possibility of investors being cheated.

According to its prospectus, apart from fiscal year 2061-62 BS, when the company has registered Rs 0.2 million profit, it has been continuously making loss.

Though, the Sebon is trying to make capital market more transparent, vibrant and investor-friendly, Merchant Finance Company is yet another eye-opener for it, after the over eight billion rupees IPO scam of Employment Promotion and Development Bank (EPDB).

Source: The Himalayan Times
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CEDB Ready For The IPO

Clean Energy Development Bank Ltd. is now prepared for initial public offering. Total 960000 shares amounting to Rs. 96 million is being issued at the rate of Rs. 100 per share. CEDB is issuing the IPO from 19th June, 2008 to 24th June, 2008(2065 Ashad 5 to 2065 Ashad 10). The issue will be managed by NMB Bank Ltd. CEDB began its operation from 7th September 2006 with wide range of banking products and services which is located at Sitapaila Chowk, Ringroad, Kathmandu.The bank has authorized capital Rs. 640 million, issue capital 320 million. It has posted Rs. 3525000 profit for the 3rd quarter of fiscal year 2007/08.
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MBL in Tanahu

Machhapuchchhre Bank Ltd. has opened its 18th branch at Dulegaidha in Tanahu. Machhapuchchhre Bank Limited, registered in 1998 as the first commercial bank in the western part of the Kingdom of Nepal having head office in Pokhara.
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WMBF to distribute bonus share

World Merchant Banking & Finance Ltd. is going to issue 20% bonus share to its shareholders. The company is also about to issue right share for increasing its paid up capital. The 6th AGM of the company held on 6th June, 2008 revealed these informations.
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Right share issue: STFL

Standard Finance Ltd. is issuing 1:1 right share from 30th June, 2008 to 3rd August, 2008 (2065 Ashad 16 to 2065 Shrawan 19). The shareholders upto 15th June, 2008 (2065 Ashad 1) are only eligible to apply. The company is issuing 726000 right shares at the rate of Rs. 100 per share.
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MBL in Tanahu

Machhapuchchhre Bank Ltd. has opened its 18th branch at Dulegaidha in Tanahu. Machhapuchchhre Bank Limited, registered in 1998 as the first commercial bank in the western part of the Kingdom of Nepal having head office in Pokhara.
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BAN goes to Itahari

Bank of Asia Nepal (BAN) opened its fourth branch at Itahari in Sunsari district on Monday. Trilok Chandra Agrawal, chairman of BAN inaugurated the new branch that will provide all modern banking services. "It has also introduced a new saving scheme - Sambridhi Bachat Khata," states a press release. The customers will get six per cent interest on daily balance under the scheme. The bank plans to open its next branch in Ilam soon.
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ABBL in Hetauda

Annapurna Bikash Bank Ltd. has opened its new branch in Hetauda on Saturday. Chandra Prasad Sharma, chairman of the bank said that the bank is established to promote the industrial and agricultural sector of the country. Its central office is located in Banepa, Kavre. It has prioritized its investment in agriculture and agro-based industry.
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WMBF to distribute bonus share

World Merchant Banking & Finance Ltd. is going to issue 20% bonus share to its shareholders. The company is also about to issue right share for increasing its paid up capital. The 6th AGM of the company held on 6th June, 2008 revealed these informations.
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NBL starts e-banking

Nepal Bank Ltd (NBL) has started internet based e-banking service for its customers. The bank customers will have facilities such as balance check and statement printing, order new cheque book, utility payment and fund transfer through the new service, states a press release. NBL’s e-banking service is currently available at its 44 branches, where the bank has internet facilities. The customers have to log in www.nepalbank.com.np to avail the facility. According to the NBL, it plans to extend the services to other branches, too, in near future

Source: THT
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NIC’s super deposit

NIC Bank has brought yet another unique deposit product - NIC Super Deposit, an innovative term deposit with a never heard interest rate of up to nine per cent bundled with flexibility of a savings account. The Super Deposit account will have a tenor of three or five years and it will attract eight per cent interest for three years and nine per cent interest for five years, states a press release. The account can be opened with a minimum balance of Rs 500. The customer will get a free debit card. “And It will help check capital flight,” the bank says.

Source: THT
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MBL in Baluwatar

Machhapuchchhre bank ltd. has opened its 17th branch in Baluwatar.Along with this branch MBL has inaugurated 4 branches in a month.The bank is on its way to extend its branches to Dulegaidha (Tanahu), Illam Bazar, Dhankuta Bazar, Narayanghad and Butwal. 14 ATMs of the bank is in operation at present and it is planning to add 10 more ATM machines in different places
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OFL has changed its name

Om Finance Ltd. (Bittiya Sanstha) has changed its name to "Om Finance Limited".The 7th AGM of the company held on 12th January, 2008 (2065 Poush 28) decided for the change.
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NIC’s super deposit

NIC Bank has brought yet another unique deposit product - NIC Super Deposit, an innovative term deposit with a never heard interest rate of up to nine per cent bundled with flexibility of a savings account. The Super Deposit account will have a tenor of three or five years and it will attract eight per cent interest for three years and nine per cent interest for five years, states a press release. The account can be opened with a minimum balance of Rs 500. The customer will get a free debit card. “And It will help check capital flight,” the bank says.

Source: THT
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New FNCCI members

The FNCCI has appointed Sharmila Dangol and Shekhar Golchha to the post of executive members. Dangol is the third vice-president of Makwanpur Chamber of Commerce and Industry, while Golchha is managing director of Hulas Chand & Company Pvt Ltd.

Source THT
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A-category firms push Nepse up

The companies listed under A-category contributed 70.37 per cent in the total transactions, pushing the Nepse up this week.

Nepse recorded a whopping growth of 52.02 points to 885.20 points from last week’s closing of 833.18 points. The sensitive index — an index of the A-category companies — also surged by 15.41 points to 232.98 points from last week’s closing of 217.57 points.

The secondary market ended in the green zone on four-day among the five-day session in a week, loosing only one day, on Tuesday.

On Sunday, Nepse surged by 27.44 points to 860.62 points from last week’s closing of 833.18 points.

Similarly, on Monday it posted a growth of 13.13 points to 873.75 points.

However, on Tuesday, it plunged by 15.12 points to 858.63 points.

On Wednesday, the Nepse bounced back by 9.30 points to 867.93 points.

On the last day of trading in the domestic market, on Thursday, it flared by 18.27 points to close the weekly trading at 885.20 points.

In terms of monetary value, Bank of Kathmandu (with Rs 56.50 million), Kist Merchant Banking and Finance (with Rs 53.93 million), Standard Chartered Bank, Nepal (with Rs 32.83 million), Annapurna Development Bank (with Rs 32.55 million) and Development Credit Bank (with Rs 31.35 million) are this week’s top five gainers.

In terms of numbers of share units traded, Kist Merchant Banking and Finance topped the chart with 59,000-unit of its shares being traded this week, while Annapurna Development Bank topped the chart in terms of number transaction with 1222 transactions.

Altogether 80 companies, out of total listed companies, saw their shares being traded at the sole secondary market of the country this week.

The better performance of commercial banks, development banks, hydropower and insurance groups propelled the Nepse.

However, this week. finance companies group ended in the negative territory. Hotel group also lost 4.51 points to 397.42 points from last week’s closing of 401.93 points.

The finance company group plunged by 67.98 points to 1035.42 points from last week’s closing of 1103.4 points.

Similarly, commercial banks group registered 63.29 points growth to 897.96 points from last week’s closing of 834.76 points, while, development bank group flared by 143.62 points to 1139.99 points from last week’s closing of 996.37 points.

Insurance group and hydropower group also posted 61.65 points (to 830.90 points from last week’s closing of 769.25 points) and 63.69 points (to 1225.33 points from last week’s closing of 1161.64 points) growth, respectively.

Source: The Himalayan Times
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Bullion price dips, marginally

Gold price dipped, albeit marginally, this week.

The precious yellow metal closed at Rs 19,760 per 10 gram — Rs 22,617 per tola (11.446 gram) on Friday, the closing day of the week from Rs 19,805 per 10 gram — Rs 22,663 per tola — on Sunday, a marginal drop of Rs 45 per 10 gram in a week.

According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold saw instability due to instability in the crude price in the global market. “The US dollar has also not been strengthened,” says NEGOSIDA.

The precious yellow metal in the local bullion market opened at Rs 19,805 per 10 gram on Sunday. On Monday, it plunged to Rs 19,635 but bounced back on Tuesday to Rs 19,890 per 10 gram, the highest price for the week. On Wednesday again, it plunged by Rs 170 to Rs 19,720.

However, it surged by Rs 40 to Rs 19,760 on Thursday and it closed at the same price on Friday, the last day of this week’s trading.

In the international market also, the price of gold was instable. But it closed at $878 per ounce from last Friday’s $877.

However, the price of silver witnessed a bullish trend this week, too.

It flared by Rs 7.50 to close at Rs 396 per 10 gram on Friday from the opening price of Rs 388.50 on Sunday.

Source: The Himalayan Times
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Bank Of Asia in Jawalakhel

Bank of Asia has opened its third branch at jawalakhel in Kathmandu. Bank has operationalized its new deposit scheme "Samridha bachat khata", which provides 6% interest per annum on daily available balance. Other branches of the bank are operational in Tripureshwor and Birathnagar. It is planning to open other two branches in Itahari and Ilam.
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PDB registers profit

Public Development Bank (PDB) has posted Rs 6.6 million operational profit in the first year of its operations. It collected Rs 280 million deposit and invested Rs 260 million during the period.

Source: The Himalayan Times
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Muktinath Bank in Pokhara

Muktinath bank has inaugurated its new branch and corporate office in Prithvichok, Pokhara on friday. The bank was established two years ago. The other two branches of the bank are operating in Baling and Galyang.
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Right Share Issue: PIC

Premier Insurance Co. Ltd. is issuing its right share in the ratio 1:1.3 from 26th June, 2008 to 30th July, 2008 (2065 Ashad 12 to 2065 Shrawan 15). The shareholders upto 30th March, 2008 (2065 Chaitra 17) are only eligible to apply for the right share. The company is issuing 390000 shares at the rate of Rs. 100 per share.

Source: Jamb News Service
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FNCCI discussion

A FNCCI delegation led by its president Kush Kumar Joshi met with American ambassador to Nepal Nancy J Powell at the latter’s office on Thursday. The team requested America’s support to attract investment on agriculture, hydropower, tourism and information technology sector, states a press release. Joshi also requested the US envoy to provide duty free market access to Nepali readymade garments.

Source: The Himalayan Times

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Everest Insurance Company Ltd to give bonus

Everest Insurance Company Ltd (EICL) is distributing 8:1 bonus shares. During its 13th AGM, here on Thursday, EICL announced that it sold premiums worth Rs 248.68 during the fiscal year 200607 and earned Rs 22.08 million net profit. The company has sold premiums worth Rs 262.02 million during the first nine months of the current fiscal year 2007-08 and posted a growth of 46.61 per cent, states a press release.

Source: The Himalayan Times

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