Citizens opens four branches

Kathmandu, April 18:

Citizens’ Bank International Ltd today added four new branches at New Road, Boudha, Koteshwor of Kathmandu and Kumaripati of Lalitpur to its existing branch network.

“Including these four new branches, the bank’s has now nine branches,” Rajan Singh Bhandari, CEO of the bank, said, adding that it is the first bank to open nine branches within a year of its operation.

“The bank enters second year from tomorrow,” said Dr Shanker Sharma, chairman of the bank inaugurating the four new branches. “However, within the first year, it has registered an impressive growth of almost double the target.”

Though the number of commercial banks has increased surprisingly in the last one year, the small depositors are not getting any benefit. According to the financial experts, the commercial banks are making profits from the huge spread rate.

“The spread rate will be narrowed down when there will be more competition,” Sharma said adding that investment-friendly environment will encourage competition.

Currently, there are 23 commercial banks and some more are in the pipeline. The 20th commercial bank, Citizens’, has collected Rs 5.88 billion deposits till the third quarter (Q3) of this fiscal year, whereas it has posted 79.8 million operating profit. It has floated Rs 4.5 billion loans till the Q3.