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News item 03-06-2008 |
NMB Bank Ltd has, from
today, officially became the
25th commercial bank — the
youngest A-class bank — in a
small scale economy like
Nepal. “As a commercial
bank, we could now enjoy
more facilities that we
could not as a finance
company,” said Upendra
Poudyal, CEO of the bank.
“However, we will continue
to work as a merchant bank
that has been our identity
since its inception some 12
years ago,” he added.
Established 12 years ago as
a Rs 200 million finance
company, Nepal Merchant
Banking and Finance Ltd
turned NMB Ltd has increased
its paid up capital to Rs 1
billion. “It’s the first
finance company (under
C-class) that has been
upgraded to a commercial
bank (under A-class),”
claimed Poudyal. “Though
there is a cut-throat
competition in the market,
as the youngest commercial
bank, we will always try to
exceed the expectations of
our clients,” he added. “The
central bank has permitted
NMB to upgrade into
commercial bank — after it
increased its paid up
capital to Rs 1 billion — on
May 6,” Poudyal said, adding
that it is opening two new
branches soon. “Within two
years, NMB will add 10 more
branches to its network,” he
added. NMB Bank Ltd has been
promoted by Nepali
economists and entrepreneurs
along with Employees
Provident Fund (EPF) and
Yong Lian Realty Sdn Bhd of
Malaysia as a foreign joint
venture partner that has 15
per cent stake.
Nepal merchant bank
- homepage
Other banking news and
articles:
Sunrise Bank launches
Easy banking: sms &
internet banking
services (17-3-2008)
Nabil
Bank Nepal gets
international rating
(26-2-2008)
Prime commercial bank
launches Prime gold
saving scheme
(18-2-2008)
Job hopping in bank
sector of Nepal
(4-2-2008)
Everest bank starts
mobile banking
(27-9-2007)
Standard Chartered PLC
to acquire American
Express Bank (19-9-2007)
Rastriya
Banijya Bank reports
profit (17-8-2007)
Total deposits at the
banking sector grew by
over 10 percent
(24-6-2007)
ADBL
reduces non performing
loans (8-6-2007)
Nepal Stock Exchange
suspends trading of
Nepal Credit and
Commerce Bank
(30-1-2007)
Rastriya
Banijya Bank
privatisation (23-1-2007)
recovery plan for bad
loans (1-1-07)
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Easy
money and Nepalese banks
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