Kathmandu, February 5:

Himalayan Bank Ltd (HBL) and Bank of Kathmandu (BOK) have signed an alliance partnership agreement to provide extended banking services for their customers.

Chief Executive Officer of HBL Ashoke SJB Rana and Managing Director of BOK Radhesh Pant signed a memorandum of understanding (MoU) on behalf of their respective banks, today. The agreement is for exchanging banking services between two banks, whereby BOK customers can deposit and withdraw from HBL branches and vice-versa for the HBL customers in BOK branches. The customers of both banks will be able to transfer money from any branch to other branches of both banks and also through local agents, according to the MoU.

Likewise, the customers of both the banks can en-cash up to Rs 50,000 from any of the branch of the other bank. The agreement is also aimed for supporting inter bank fund management in coordination with treasury department of the respective banks.

The services under the signed MoU will come into effect from February 13. The partnership agreement is aimed at providing extended services and exploring new business, said Rana, adding that the service would draw service charge ranging between Rs 100 and Rs 200 per transaction.

“This is the first of its kind of pact between two private commercial banks in Nepal. We hope to reach more people and unserved areas,” said Pant. He said that customers of these two banks could avail services through all branches.