Kathmandu, June 2;
NMB Bank Ltd has, from today, officially became the 25th commercial bank â€” the youngest A-class bank â€” in a small scale economy like Nepal.
â€œAs a commercial bank, we could now enjoy more facilities that we couldnot as a finance company,â€ said Upendra Poudyal, CEO of the bank.
â€œHowever, we will continue to work as a merchant bank that has been our identity since its inception some 12 years ago,â€ he added.
Established 12 years ago as a Rs 200 million finance company, Nepal Merchant Banking and Finance Ltd turned NMB Ltd has increased its paid up capital to Rs 1 billion.
â€œItâ€™s the first finance company (under C-class) that has been upgraded to a commercial bank (under A-class),â€ claimed Poudyal.
â€œThough there is a cut-throat competition in the market, as the youngest commercial bank, we will always try to exceed the expectations of our clients,â€ he added.
â€œThe central bank has permitted NMB to upgrade into commercial bank â€” after it increased its paid up capital to Rs 1 billion â€” on May 6,â€ Poudyal said, adding that it is opening two new branches soon. â€œWithin two years, NMB will add 10 more branches to its network,â€ he added.
NMB Bank Ltd has been promoted by Nepali economists and entrepreneurs alongwith Employees Provident Fund (EPF) and Yong Lian Realty Sdn Bhd of Malaysia as a foreign joint venture partner that has 15 per cent stake.