SBI’s stakes

KATHMANDU: State Bank of India (SBI), India’s largest bank said on Tuesday that it has increased its stake to 55 per cent in joint venture Nepal SBI Bank from the earlier 50 per cent. SBI has been alloted 4,37,400 shares in Nepal SBI in a divestment of stakes by Agricultural Development Bank conducted through a competitive bid process, SBI said in a filing to the Bombay Stock Exchange. The total shareholding of SBI in Nepal SBI will reach 55 per cent, after transfer of these shares with due necessary regulatory approvals, it said. Nepal SBI Bank is the first Indo-Nepal joint venture in the financial sector sponsored by three institutional promoters — SBI, Employees Provident Fund and Agricultural Development Bank of Nepal. — HNS

Book released

KATHMANDU: Senior journalist Bhairab Risal released ‘Arthik Bikas: Bichar Ra Bibechana’ (Economic Development: Views and Analysis), a book by Finance Secretary (Revenue) Krishna Hari Baskota here on Tuesday. The book is a collection of articles published in newspapers, magazines and journals. Baskota is known as an honest and dedicated media-friendly administrator, said Madhusudan Poudel, reviewer of the book. Chief secretary Bhoj Raj Ghimire and journalist Pratik Pradhan also are the reviewers of the book. The programme was organized by the Society of Economic Journalists Nepal. — HNS

HBL-IFC deal

KATHMANDU: Himalayan Bank Ltd (HBL) will collaborate with International Finance Corporation (IFC). It has entered into a ‘Guarantee Facility Agreement’ under the IFC Global Trade Finance Programme. HBL chief executive officer Ashok SBJ Rana and IFC regional manager Per Kjellerhaug signed the agreement here on Tuesday on behalf of their respective institutions.

Under the agreed credit line, IFC will provide a guarantee of payment in export and imports by customers of HBL, a press statement read. — HNS

Shine’s branch

KATHMANDU: Shine Development Bank Ltd (SDBL) of Butwal opened its first branch in Sandhikhark, headquarter of Arghakhanchi district on Tuesday. Manager of Nepal Rastra Bank’s regional office, Bhairahawa, Keshav Raj Acharya inaugurated the branch in the presence of bank officials, customers and locals. Sandhikhark is a remote town where modern banking services are limited. — HNS