Kathmandu, April 1:

Laxmi Bank has completed five years of operation from Sunday. Established in April 2002 in Birgunj, Laxmi Bank moved its’ corporate office to Hattisar, Kathmandu in October 2005.

Laxmi Bank’s merger with HISEF Finance in 2004 is regarded as a significant milestone in the Nepali corporate sector as this is the first and till date the only corporate merger in Nepal.

During the short period, Laxmi Bank has emerged as a key player in both retail and wholesale business segments, states a bank press release here.

The bank claims that it operates under a high level of corporate governance, risk management practices and has arguably the strongest IT credentials in the banking industry today. Despite adverse business environment during the past five years, Laxmi Bank has been able to grow both in terms of reaching out to customers through its eight branches as well as the balance sheet size. The bank’s total assets today aggregate eight billion rupees and non-performing loans portfolio is of 0.5 per cent, which is among the lowest in the industry today, says Suman Joshi, chief executive officer.

The bank offers electronic banking channels with services like Laxmi iBank (online banking) and SMS Alert (transaction alert through mobile phones). The bank also pioneered bancassurance services in Nepal and recently launched a web-based remittance solution.