The country´s oldest bank is currently working on extending the rights shares to all its shareholders, except the government, which in July pumped in Rs 1.39 billion in the bank by purchasing the portion of shares allocated to it. Once the process is complete, additional Rs 2.23 billion will be injected into the state-controlled banking institution. [break]
As per the rights issuance plan, scheduled to be launched within mid-February, shareholders holding every share in the bank will have to purchase additional 9.5 stocks, meaning rights are being issued in the ratio of 1:9.5.
The bank is currently in a dire need of fresh capital as its negative networth still stands at Rs 2.65 billion despite years of implementing reforms.
NBTI sings pact with FITI Bhutan
KATHMANDU: The National Banking Training Institute (NBTI) of Nepal on Thursday signed a memorandum of understanding (MoU) with Financial Institutions Training Institute (FITI) of Bhutan, as per which NBTI will train human resources in Bhutan and support the course ware development for banking related curriculum in the kingdom.
The MoU was signed by NBTI Chairman Sashin Joshi and FITI Chairman Dasho Daw Tenzin, who is also the governor of Royal Monetary Authority, amid an event held in Kathmandu, according to an NBTI statement. FITI, which has stake of Royal Monetary of Bhutan and various financial institutions in the country, is an established institute in Bhutan.
Signing the MoU, Tenzin said the collaboration would help FITI gain knowledge about Nepal´s experience in training human resources for the financial sector.
Joshi said it was a matter of pride for NBTI to help support development of FITI. “The mutual experience of the two would take the relationship between financial institutions of two countries to the next level,” the statement quoted Joshi as saying.
Citizens Bank launches branchless banking service
KATHMANDU: Citizens Bank International on Thursday launched branchless banking service in Ranibagiya of Rupandehi, Katari of Udaypur, Sanga of Kavrepalanchowk and Chaling and Sipadole of Bhaktapur, says a bank statement. Earlier, the bank was offering the service in Matihani of Mahottari, Dodhara of Kanchanpur, Machhegaun of Kirtipur and Khokana, Tika Bhairab and Tikathali of Lalitpur.
The bank is soon planning to extend the service, aimed at increasing rural population´s access to banking service, in all 14 zones of the country. The bank, which has a customer base of around 150,000, is currently operating with 15 branch offices inside Kathmandu valley and 18 branch offices outside the valley. It is soon opening a branch office in Hetauda of Makwanpur district, says the statement.
9th shoes exhibition kicks of next week
KATHMANDU: The 9th Shoes Industrial Exhibition will kick off in Kathmandu from December 24 showcasing more than 50 companies´ products.Leather Footwear and Goods Manufacturers´ Association of Nepal (LFGMA), the organizer of the annual event, has estimated a footfall of more than 100,000 people at the exhibition that will have more than 80 stalls. "We are hopeful that the event will help increase the market share of domestic products," Ram Krishna Prasai, former president of LFGMA said. According to statistics of LFGMA, the domestic shoes industry has around 55 percent of total shoes market of the country. Additionally, the event also will be an appropriate platform to measure the popularity of the domestic shoes. "This is also a strategy to expand the market of domestic shoes," Prasai said.
Jagdamba Cement´s assistance to NAS
KATHMANDU: Jagdamba Cement has provided financial assistance to the ´Nepal Ambulance Service - 102´ to enhance its services in the capital. According to a press statement issued on Thursday, Jagdamba Cement made such contribution under its campaign "Mero Desh- Mero Jagdamba Cement" that would incorporate various corporate social responsibility (CSR) activities of Jagdamba Cement in areas such as health, education, environment, infrastructure, and other social reforms. "Jagdamba Cement was also certified as ´patron corporate´ by NAS," reads the statement. "The ambulance service can be reached by dialing 102 . It provides mobile medical services by trained staff in the ambulance itself."
Mega Bank to expand branchless banking
KATHMANDU: Mega Bank is launching branchless banking services at 29 additional places within mid-April 2013 in line with its plan to introduce such services at 45 different places of the country within this fiscal year, says a bank statement. As per the plan, the bank will launch the service in Naumule of Dailekh, Chaumala of Kailali, Sitapur of Banke, Rampur of Dang, Dayanagar and Pharsatikar of Rupandehi and Sharadanagar of Chitwan within December 30. The service will also be launched in Khudunabari and Goldhap of Jhapa, Panmara and Chatara of Sunsari, Tankisinabari and Amaibela of Morang, Dhanusadham and Sabaila of Dhanusha, Koluwa and Amarapuri of Chitwan, Samarra of Bara, Melamchi of Sindhupalchowk, Daldale of Nawalparasi, Dayanagar of Rupandehi, Pumdibhumdi and Bagmara of Kaski, Kalikasthan of Rasuwa, Diwarna and Wengla of Argakhanchi Narayanpur of Dang and Fulbari of Kailali in near future, says the statement.
Laxmi Group to build kidney center
KATHMANDU: Laxmi Group is donating Rs 2.5 million to build kidney center and waiting rooms at Western Region Hospital in Pokhara, according to a statement issued by the company. The announcement was made to commemorate the group´s 39th anniversary. The group also organized blood donation camps and offered food to orphans and the elderly to celebrate its anniversary. Laxmi Group owns Sujal Foods, Sujal Dairy, Jaya Confectionary, Jaya Packaging, Sujal Plastic and Laxmi Intercontinental.
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