Nabil opens 4 branches

Nabil Bank on Tuesday opened four new branches in the valley.

Satyendra Pyara Shrestha, chairman of Nabil and former governor of Nepal Rastra Bank, inaugurated the branches at Thamel, Halchok, Kausaltar and New Baneshwor. The branches will provide ATM service within a week besides all modern banking services.

Shrestha said that expansion of the bank's network of branches was part of its strategy to increase reach and service delivery in the valley. "In the future, we will have to compete with international-level banks. Thus the expansion is also a preparation for that," he added.

Established 24 years ago, Nabil has been providing banking services through its network spread across most major urban, semi urban and rural areas of the country. "Next year, we will be opening 10 new branches targeting rural areas, which will help increase microfinancial activities there,"said Shrestha.

Anil K. Shah, chief executive officer of Nabil, said that the New Baneshwor branch will also work as national coordinator for SME lending affairs.

With the opening of the four new branches, Nabil now maintains 32 branches across the country, among which 10 are located in the valley. According to Nabil,its deposits, lending and net profit during the first nine months of the current fiscal year stand at Rs. 35.7 billion,Rs. 26.4 billion and Rs. 659 million respectively.

The bank is going to mark next year as "year of deposit" to increase deposits from customers.
Source:
Ekantipur