Sunrise Bank Ltd on Wednesday inaugurated its nineth branch office at New Road and will open its 10th branch at Birtamod. The bank made a collection Rs 6.6 billion, granted loan of Rs 5.48 billion and has operating profit Rs 20.5 million. The bank already has branches in Tinkune, Gabahal and Kalimati of Kathmandu valley, Dharan, Besisahar, Damauli and Dhangadi.
Source: THT
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Friday, October 17, 2008
World Merchant Banking and Finance bonus
World Merchant Banking and Finance Ltd (WMBFL) has announced to grant 20 per cent bonus share and 10 per cent cash dividend to its shareholders, subject to Nepal Rastra Bank (NRB). A bank press said, according to the decision of the sixth Annual General Meeting (AGM) of the board of director the bank has decided to give 1:1 rights share. NMB Bank is the issue manager, said WMBFL.
Source: THT
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Source: THT
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International Finance Corporation (IFC) asked to buy NBL stake
The government has invited the International Finance Corporation (IFC), a private sector wing of the World Bank, to acquire stake in the troubled Nepal Bank Limited (NBL) along with taking over its management.
NBL is one of the two large banks that is getting supports from a World Bank's multi-million dollar financial sector reform programme (FSRP) to revive its financial health.
The proposal was made when the Nepali delegation led by Finance Minister Dr. Baburam Bhattarai that is attending the joint annual meetings World Bank (WB) and International Monetary Fund (IMF) met with IFC Vice-President F. Khambata.
During the meeting, the IFC informed the Nepali delegation, without naming names, that it had tried to buy a stake in a Nepali bank in a bid to make its presence felt in the country, but that it had failed because its shares had been highly priced.
Responding to this eagerness, the Nepali delegation, often flayed by donors for not working out a concrete strategy for the bank's privatization, proposed that it buy the government's share and take over its management.
The government has a 40 percent stake in NBL, the second largest bank in the country in terms of deposits and investments. "We urged the IFC to take over the management by acquiring 5-10 percent stake at the bank currently held by the government," said a member of the delegation. He told the Post that the IFC had shown much interest in the proposal.
The IFC, which works to foster the private sector through international lending, is already engaged with commercial projects like Jomsom Resort and Buddha Air in Nepal. It had also bought shares of the Bhote-Koshi hydropower project.
The source added that the IFC had also operated a public sector bank in Romania with successful results.
"We will soon hold a meeting of the Financial Sector Reform High Level Committee headed by the finance minister and send a formal proposal to this end to the IFC," stated the official.
FM addresses meeting
Meanwhile, Finance Minister Dr. Bhattarai Monday addressed the joint meeting of the Board of Governors of the International Monetary Fund and the World Bank.
The meeting, attended by finance ministers from 184 countries, remained dominated by the global financial crisis. Poorer countries, on the other hand, tried to draw the attention of the advanced countries to issues of their concern, like rising food and oil prices, and urged them not to cut aid amid the financial crisis.
"The advanced countries are focused at correcting their domestic woes emanating from the financial crisis, but I urge them not to lose sight of the needs of under-developed and developing countries," said Dr. Bhattarai, echoing the voice of the smaller economies at the meeting.
In his address, Dr. Bhattarai also appealed to the international community to work together to wipe out poverty and sought special support for conflict-hit countries like Nepal. He also highlighted the latest political changes in Nepal and the new government's economic plans, apart from expressing the government's commitments to improve governance and control corruption.
Source: Ekantipur
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NBL is one of the two large banks that is getting supports from a World Bank's multi-million dollar financial sector reform programme (FSRP) to revive its financial health.
The proposal was made when the Nepali delegation led by Finance Minister Dr. Baburam Bhattarai that is attending the joint annual meetings World Bank (WB) and International Monetary Fund (IMF) met with IFC Vice-President F. Khambata.
During the meeting, the IFC informed the Nepali delegation, without naming names, that it had tried to buy a stake in a Nepali bank in a bid to make its presence felt in the country, but that it had failed because its shares had been highly priced.
Responding to this eagerness, the Nepali delegation, often flayed by donors for not working out a concrete strategy for the bank's privatization, proposed that it buy the government's share and take over its management.
The government has a 40 percent stake in NBL, the second largest bank in the country in terms of deposits and investments. "We urged the IFC to take over the management by acquiring 5-10 percent stake at the bank currently held by the government," said a member of the delegation. He told the Post that the IFC had shown much interest in the proposal.
The IFC, which works to foster the private sector through international lending, is already engaged with commercial projects like Jomsom Resort and Buddha Air in Nepal. It had also bought shares of the Bhote-Koshi hydropower project.
The source added that the IFC had also operated a public sector bank in Romania with successful results.
"We will soon hold a meeting of the Financial Sector Reform High Level Committee headed by the finance minister and send a formal proposal to this end to the IFC," stated the official.
FM addresses meeting
Meanwhile, Finance Minister Dr. Bhattarai Monday addressed the joint meeting of the Board of Governors of the International Monetary Fund and the World Bank.
The meeting, attended by finance ministers from 184 countries, remained dominated by the global financial crisis. Poorer countries, on the other hand, tried to draw the attention of the advanced countries to issues of their concern, like rising food and oil prices, and urged them not to cut aid amid the financial crisis.
"The advanced countries are focused at correcting their domestic woes emanating from the financial crisis, but I urge them not to lose sight of the needs of under-developed and developing countries," said Dr. Bhattarai, echoing the voice of the smaller economies at the meeting.
In his address, Dr. Bhattarai also appealed to the international community to work together to wipe out poverty and sought special support for conflict-hit countries like Nepal. He also highlighted the latest political changes in Nepal and the new government's economic plans, apart from expressing the government's commitments to improve governance and control corruption.
Source: Ekantipur
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Manjushree Financial Institution enters 2nd year
Manjushree Financial Institution Ltd (MFIL) has completed its first year of operation. According to a press release, during the fiscal year 2007-08, it has made a collection of Rs 244.6 million deposits and floated a total of Rs 255.1 million loan. It has also earned an operating profit of Rs 372.3 million. MFIL was established last October 15.
Source: THT
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Source: THT
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Bank of Asia turns two
Bank of Asia Nepal Ltd (BoAN) completed its first year of operation on October 11 and entered into the second year. During its one-year of operation, the bank has expanded 10 branch offices at different places, states a press statement.
Source: THT
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Source: THT
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Nepal Development and Promotion Bank (NDEP) has been listed today
Nepal Development and Promotion Bank Ltd. (NDEP) is listed on the Nepal Stock Exchange for trading from today.
Source: Jamb News Service
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Source: Jamb News Service
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New Himalayan Bank Limited (HBL) scheme
Himalayan Bank Limited (HBL) has launched ‘Himal Savings Account' to provide affordable access to banking service. According to a press statement, the offer is a deposit product targeted at customers willing to open savings account with a minimum balance of Rs 100. The scheme is available at all 17 branches of HBL and has the facility of free visa debit card, interest rate calculated on a monthly balance and paid on six-monthly basis as well as accidental death insurance coverage up to Rs 0.5 million.
Source: The Himalayan Times
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Source: The Himalayan Times
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Kasthmandap Development Bank one year old
Kasthmandap Development Bank Ltd (KDBL) has successfully completed its first year of establishment. According to a press statement, the bank earned an operating profit of Rs 0.6 million. Total paid up capital is Rs 224 million and total deposit Rs 404.4 crore. The bank has 8 branches.
Source: The Himalayan Times
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Source: The Himalayan Times
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Machhapuchchhre Bank opened new branch in Illam
Machhapuchchhre Bank Ltd. has opened its 21st branch in Illam. Mr. Surya Bahadur K.C, chairman of the bank inaugurated the new branch on 15th October, 2008. Excluding the new branch, MBL has two more branches in the eastern region located at Dhankuta and Itahari. MBL will be extending 15 more branches in the current fiscal year. All the branches at present are providing complete banking services delivered by the bank. The bank has increased its paid up capital to Rs. 1.32 billion and has collected Rs. 11.58 billion as deposit and has disseminated Rs. 10 billion as loan and has invested Rs. 1.22 billion in various sectors. Within this period of time, bank has earned Rs. 19.1 million as operating profit. At present, it is delivering its ATM service from 17 different locations and is planning to operate 10 more ATMs.
Source: Jamb News Service
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Source: Jamb News Service
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BOK opens 6 branches at a time
Bank of Kathmandu has opened its six branches at a time on 5th October. It is providing the services from its new branches located at Salanga of Jumla, Surkhet, Uttaria, Tulsipur, Ghorahi and Balaju. Altogether, BOK has 23 operational branches and 6 extension counters.
Source: Jamb News Service
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Source: Jamb News Service
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Upcoming 11th AGM of Lumbini Bank
Lumbini Bank Ltd. has announced its forthcoming 11th annual general meeting to be held on 14th November 2008 (2065 Kartik 29).
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Gorkha Finance's Right Share Allotment
Gorkha Finance Ltd. has allotted its right share issued on 13th July 2008 (2065 Ashad 29).
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Triveni Bikas Bank's Share Slip Distribution
Triveni Bikas Bank Ltd. is distributing its share allotment slip from 19th October 2008 (2065 Kartik 3).
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Alpine Development Bank's Special General Meeting
Alpine Development Bank Ltd. has announced its special general meeting to be held on 1st November, 2008 (2065 Kartik 16).
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Om Finance's Right Share Issue Date Extended
Om Finance Ltd. has extended its right share issue date to 16th October 2008 (2065 Ashwin 30).
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