NIC carves niche as innovator

Kathmandu, July 21:

Nepal Industrial and Commercial (NIC) Bank today completed a decade of operations. Beginning from Biratnagar, NIC Bank has spread throughout the country with 16 branches and a close to 50,000 customer base. “The bank has made its mark as an innovator in the banking sector,” says Sashin Joshi, NIC chief executive officer.

NIC was Nepal’s first commercial bank to receive ISO 9001: 2000 standard certification for Quality Management System. It was also the first bank in the country to receive a line of credit from International Finance Corporation (IFC), World Bank Group, under its Global Trade Finance Programme.

“NIC Bank was the first bank to import pure gold and silver from the international market,” adds Joshi. It was awarded the most prestigious international award in the banking industry — Bank of the year 2007 — by The Banker, Financial Times, London.

“Over the next decade, NIC Bank will endeavour to establish itself as a leader in SME Finance and for this it recently signed a Memorandum of Understanding (MoU) with IFC, World Bank Group, for a co-operation agreement. On the occasion of its 10th anniversary, NIC Bank is organising various events throughout the year to commemorate the occasion.

NIC Bank has also promoted a charitable organisation — NIC Foundation — that is supported by a half per cent donation from the bank’s profit.

Meanwhile, NIC Bank opened its 16th branch in Battisputali, Kathmandu. “It’s the fifth branch in the valley,” states a press release.