ADBL to be mega venture

Kathmandu, August 27:

After the issuance of ordinary and preferential shares, according to its plan, Agriculture Development Bank Ltd (ADBL) will become one of the largest commercial banks in terms of a paid up capital of Rs 11.9 billion.

“ADBL will soon float 30 per cent shares worth Rs 960 million among the public,” Yogeshwar Pant, ADBL managing director said adding that the bank has, apart from that, set aside Rs 162.5 million worth shares for its staff. After the public issue and issue to the staff, the government’s share in it will reduce to only 51 per cent. ADBL has Rs 10.77 billion paid up capital at present, Pant said.

The bank will also initiate Rural Finance Sector Development Cluster Program II (RFSDCP) with the help of Asian Development Bank (ADB). “ADB will provide project preparatory technical assistance to ADBL,” he added. ADBL signed deals with BAAC of Thailand, VIVARD of Vietnam and MASAV of Israel recently. It has also reduced its Non-Performing Assests (NPA) to 10.41 per cent and plans to bring it down to less than even eight per cent.