Mega Bank celebrates seventh anniversary

Kathmandu, July 22

Mega Bank Nepal, which was established with the slogan ‘Halo to Hydro – Plough to Power’, has completed seven years of its establishment. On the occasion, the bank announced that it would establish provincial headquarters in all seven provinces of the country.

“We have a plan to establish a provincial headquarter in each province,” said Bhoj Bahadur Shah, chairman of the bank. He also stated that the bank has initiated this process by setting up a provincial headquarter in Butwal.

Shah also informed that the bank is finalising the merger process with Tourism Development Bank. He stated that Mega Bank has prioritised investment in the productive sector and will continue to do so in the future. “We have a five-year plan to invest in the priority sector of the country.”

On the occasion, Chief Executive Officer of Mega Bank, Anil Keshary Shah, said that the bank plans to expand its network by opening 20 new branches in the current fiscal year. “We will also be issuing 65 per cent rights share to our shareholders,” he said.

In the last fiscal year 2016-17, the bank’s deposit increased by Rs eight billion to reach Rs 39 billion and its loan rose by Rs 7.4 billion to reach Rs 35.15 billion. The bank’s customer base has reached to 260,000. The bank’s average loan is Rs 3.4 million and average deposit is Rs 149,000.

Mega Bank is currently serving its clients through 47 branches, one extension counter, 50 ATMs, 58 branchless banking centres and over 1,500 Mega Remit agents throughout the country, according to the bank.

On the occasion of its seventh anniversary, the bank handed over Rs 100,000 to ‘Garib Tatha Anath Balika Griha’ located in Bouddha, Kathmandu.