KATHMANDU: Corporate image is something that has slowly started throwing roots in the Nepali psyche.

Two — one operational and another about to be operational — financial institutions have changed their names to spruce up their corporate brand image.

The extra ordinary general meeting (EGM) of Nepal CSI Development Bank yesterday decided to changed its name to Manakamana Development Bank.

It was once taken over by the Nepal Rastra Bank for its poor management. Though, it is in profit today it had lost customer confidence due to its mismanagement and controversy over the chairman of the bank — Sitaram Prasai.

The bank has registered a net profit of Rs 113 million in the fiscal year 2008-09. However, the image conscious promoters have changed its name as well as the overall management and promoters’ structure.

The EGM also increased its paid-up capital to Rs 700 million, with new equity investment of Rs 540 million from new promoters. It will soon issue Rs 300 million shares to the public, said the development bank

that will have Rs 1 billion paid-up capital after the public issue.

Likewise the proposed-commercial bank Mero Bank which has changed its name to Business Bank. The central bank on September 7 approved Mero Bank’s license allowing it to operate as the 27th commercial bank under the name of Business Bank.

The bank that has the most promoter shareholders in comparison to other commercial banks has 1,228 promoters with Rs 10 million investment.

The bank that has paid-up capital of Rs 2.33 billion and authorised capital of Rs. 4 billion has Rs 1.631 billion paid-up capital of promoters. Accoprding to the bank, it will float Rs 699 million worth primary issue to the public.

Prof Dr Madan Kumar Dahal is the chairman

of the co-ordination committee that has Dr Duman Thapa, Prof Dr Govind Nepal, Bhoj Bahadur Shah, Mukti Ram Pandey, Gopal Khanal, Tulsiram Pokharel, Indra Bahadur Malla and other reputed citizens of the country.